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With the low volume we have had this week, it is easy for the professional traders to “window-dress” their portfolios for month-end. Don’t be surprised if we go up today.

The S&P 500 levels to watch today:

UPSIDE: 1639 (August 21st’s low), 1641 (August 28th’s high), 1645-1646 (4 data points), 1652 (2 data points), 1654 (June’s high), 1656 (2 data points), 1658-1659 (4 data points and the 50 day moving average), 1663-1664 range (2 data points), 1670 (20 day moving average), 1679 (August 15th’s high), 1682-1684 (4 data points), 1686 (August 9th’s low), 1688-1693 (12 data points), 1695-1696 (3 data points), 1698-1700 (2 data points and July’s high), 1703 (August 5th’s low), 1705 (August 6th’s high), 1707 (August 1st’s high), 1709 (2 data points and the all-time high), and 1720 (top of the Bollinger Bands).
LAST CLOSE: 1638.
DOWNSIDE: 1629-1630 (2 data points), 1627 (August 28th’s low), 1619 (bottom of the Bollinger Bands), 1604 (July’s low), 1597 (April’s high), 1581 (May’s low), 1572 (March’s high), 1560 (June’s low), and 1560 (200 day moving average).

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Posted August 30, 2013 by edmcgon in Daytrading, Investing, Market Analysis

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