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Saturday, August 29, 2009

S&P 500 29/08/2009 - update

Previous update for S&P is here.
As mentioned in the previous post, we are yet to close above the broadening formation. A close above will be bullish. We can also see the inverse H&S formation with the right shoulder created.
Too much negativity in the markets. September/October memory shivers. Markets will need to overcome all that if it has to march ahead.
I personally see the markets breakout of the neck line and retrace back towards the neckline in october to create a throwback before heading higher.
I could be wrong, that is why I place stops. :)

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