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Yesterday, the S&P 500 looked like a balloon that had been held underwater, and somebody let it go. Even the Williams %R went from oversold to overbought in one day. However, that is the only technical I see in the overbought category, and Williams can stay there for quite awhile (it was there for most of july and May). But I wouldn’t call this market overbought yet.

Sentiment is decidedly positive on the news that the U.S. government might be extending the debt ceiling until November 22nd, when we get to do this all over again…

The S&P 500 levels to watch today:

UPSIDE: 1698 (July’s high), 1709 (August’s high), 1726 (top of the Bollinger Bands), and 1729 (September’s high and the all-time high).
LAST CLOSE: 1692, inside the 1691-1696 (5 data points and the 20 day moving average) range.
DOWNSIDE: 1687 (October 7th’s high and May’s high), 1680-1682 (2 data points), 1678 (50 day moving average), 1676 (October 8th’s high), 1674 (October 7th’s low), 1670 (October 3rd’s low), 1662 (October 9th’s high), 1660 (October 10th’s low), 1658 (bottom of the Bollinger Bands), 1654-1655 (October 8th’s low and June’s high), 1646 (October 9th’s low), 1627 (August’s low), and 1599 (200 day moving average).


Posted October 11, 2013 by edmcgon in Daytrading, Investing, Market Analysis

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