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The line in the sand, part 2

Yesterday, I suggested that traders would be better off waiting to see if the market clears S & P 1335, before loading up on bullish positions. Here’s a slightly different chart, where the line in the sand looks like it should be drawn at 1340:

I’m not sure there is all that much difference between the two, and I’m not going to obsess about it. But if we don’t see this level reached, or at least approached, with the end of the month / start of June jumper expected, then its a good sign the market won’t be feeling well this summer.

3 comments to The line in the sand, part 2

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