Thursday September 30, 2010 - 20:37:35 GMT
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Forex Hound - www.forexhound.com
December E-mini S&P Could Break Hard under 1132.50.
The December E-mini S&P 500 soared to
the upside this morning following a better-than-expected U.S. GDP report and
Weekly Initial Claims.
The move to the upside took out the high
from earlier in the week at 1149.75. This was the second time since September
21 that a closing price reversal top on the daily chart was negated. The
subsequent rally drove the market to 1153.50 where it squared price and time at
Sellers came in again, triggering a sharp
sell-off which drove the market down toward a major uptrending Gann angle at
1132.50. Breaking this price with conviction could trigger a sharp acceleration
to the downside.
In addition, a new closing price reversal
top today could trigger the start of a 50% correction of the last rally from
1032.50 to 1153.50. This target is 1093.00
Additional selling pressure could come in
if 1117.00 is violated. This is the level where the daily trend will officially
turn down if penetrated.
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