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| New Zealand |
S&P futures closed exactly at the level from yesterday... 1350.50. If you were not watching the markets, it would appear we didn't do much today. The reality was, it was a day trading market and we were movin' fast. After a test of the 50day SMA on the SPX (1346ish), the bulls rallied the futures up almost 17 points from the LOD to the HOD. The bears then took over and whacked it down 15 points to test the 50day SMA on SPX for a second time. Then, the bulls stepped up again and rallied it into the close about 11 points. The bullish side of all the back and forth action is that it did work off some of the short term indicators... and that opens up the possibility for a push up towards 1370ish on SPX (1364ish on the futures). The bearish side is that we are still stuck under the 1360-1370 zone... which is obviously tough resistance.
