Aug 11, 2013


Short term signal: DOWN as long the price stays bellow 1700
Intermediate term signal: UP as long the price stays above 1675
Comment: We are near to or we saw intermediate term top. Trying to collect the last dollars is not worth any more. It is time to take profits and think about short positions.

Expected behavior for:
- pullback - clear moves down not like the previous days up and down and candles with small range bodies.

Levels to watch SP500:
- 1700 minor resistance to the upside. If the price moves above it the pullback is over.
- 1675 is now support. If the price moves bellow it the intermediate term direction will turn down.
- 1650-1660 important support, the pullback should not move bellow this area, or this is more than a pullback. - 1598 is major support.

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