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February 27, 2013
11:31 EDTSPY, SPXS&P 500 tests the underside of its 10-day moving average, levels to watch
The index is trading near the highs of the session as we head to noon-hour on the east coast. This looks like a very careful technical probe of the underside of the 10-day moving average, last at 1511.56 and still resistance. It is the kind of day that can be fraught with peril for both bulls and bears. A breakout above the 10-day is just a few points away, and such a breakout would be a short-term buy signal for the bulls. Equally, the bears still have the upper hand in that resistance hasn't been touched yet, let alone broken, and thus we could see a good set up for a sell signal later in the day. Bears will tend to pile on at failed tests of resistance, much as bulls would see touches of support as buy signals. Support remains at the 1502 area. Resistance is at the 10-day. All sectors are in the green, with the Industrials, Materials, and the Consumer Discretionary providing upside leadership. The so-called "risk-off" preferred sectors, Utilities and Consumer Staples, are laggards.
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August 19, 2014
11:00 EDTSPX, SPYS&P 500 rises to session highs, levels to watch
The index is at 1979.40 at time of writing, moving above upside resistance. At that price next resistance is at 1985.44 and then at 1987.98. Support is at 1972.83. Leading sectors today are Energy and Utilities, the opposite of yesterday's performance. Consumer Discretionary is also strong. Lagging sectors include Industrials, Consumer Staples, and Health Care.
08:45 EDTSPYStandard and Poor's Depository Receipts: Pivot points
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08:45 EDTSPXS&P 500: Pivot points
The following are the pivot points for the SPX. Pivot High: 1978.680, Pivot Low: 1965.050. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.
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