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This post is for traders only, not for beginners. If you don't understand how trend channel works, you should walk away.
Just like we expected market pulled back today. S&P, Dow, and Nasdaq fell blow 50-day MA, bears won't give it up without a fight. In the short-term chart we see S&P, Nasdaq and Dow closed on channel resistance line (S&P fell below a little). I hold my longs here and set stop loss at 1150, I am betting on Mutual Fund Monday. If you decide to buy dip here, you need to be nimble, there are tons of resistances between 1175 and 1220. |
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