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Market trend
Short-term (1-2 weeks): sideway
Intermediate term (3-4 weeks): sideway
Many people expected market down big today. This morning European markets were down 2%-3%, and Euro was down again. S&P dropped below 1150 right after market open, but buyers quickly walked in, market rallied to 50-day moving average. then pulled back. At the end of day S&P closed at 1155 one point below yesterday's closing price. Russell and $tran did much better, Russell joined $tran closed above 50-day Moving average, another bullish sign.
In the short-term trend chart, S&P closed on channel support line. If you are a trader, you can buy dip here, and set stop loss at 1150. Risk/reward is worth it. |
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