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Chart Patterns are nothing but Footprints of the Greenbacks.
Friday, July 08, 2011
Market Talk SPX
After a 100 point rip on the no-Greek default bottom $SPX finally seeing some fatigue in the market. That being said the market held the gap today which is very impressive in itself considering how much it has already run. Our general rule is to always sell the gap up after a large run.
We are looking for a consolidation phase now and a fill of the gap (blue rectangle). This would aid in setting up new longs and be bullish going forward.