Thursday, October 29, 2009

Market Outlook

Today is a very important day for the equity market. We need to close above 1055 on the $SPX to stay inside our up channel, and currently we are back in the channel. I would like to see this area hold with a continuation to the 20 day moving average currently at 1070. This would make be believe that what we had was just a buying opportunity and not the start of a double dip.
Keep your eye on the dollar as well, if we break to the upside out of the down channel that could cause some panic. My thoughts are that we go lower from here to make a new low.

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