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Tuesday, August 24, 2010

S&P500 Today

S&P Future has touched 1055 to 1065 range. During posting, 1058, down by -7 points.
Refer to previous post, 1055 to 1057 likely bottom in early of this week will occur today when market opens. Daily RSI and SSTO are showing signs of short term bottoming. Is this the low and rebounce from here to 1126 and hold above 1130 with higher volume?

Market Trend will likely set tonight.

Comex Copper continuous contract is down to 1.26% (sign of consolidation on light volume). Gold is down 0.7% (may trend down further after recent high). Watch copper trend closely.

I think S&P500 will bounce up to 1070 to 1080 on Tuesday or Wednesday marketing closing.

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