Sep 4, 2013


Short term signal: UP - down bellow 1637
Intermediate term signal: UP - It is still not very convincing... when correction is over you see 2-3 strong, nothing of that till now.
Comment: A lot of choppy moves... as I wrote yesterday watch out for opening higher. MA50 and MA20 are around ~1660. I think SP500 will touch them, small pullback, and will see move to 1670-1675.
The move is clearly corrective so another leg down should follow to finish the correction.

Watch price behavior for clues:
- short term bottom - SP500 should find support between 1625-1630(check) and move above 1655-1660(almost), but the move should be corrective(check) and stay bellow 1682
- a rally higher has begun - 2-3 strong days up reaching at least resistance ~1682 (not really what is happening)

Levels to watch SP500:
- 1682 - resistance
- 1645-1655 important area, congestion zone, now it is a resistance.
- 1627 support level
- 1598 is major support.

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