Jamie's Pick: 09/16/11
I wrote this week that “near term weakness may extend to the August pivot at 10110 but there is now the possibility of consolidation in wave iv back into 10300-10400. Such a rally would present the next bearish opportunity.” Resistance has been hit near 10400, which is defined by the 200 day average and Tuesday’s high. The key level for bears is 10481. If an impulse is underway from 10763, then this level should not be reached. The objective is below this week’s low – the 8/11 pivot low at 10113 is of interest.
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