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Thursday, April 29, 2010

S&P analysis for 4/29/2010



The market had a strong day today on decent volume closing above the 20 day moving average, the 1185 level is holding as support after a couple of tests on heavy volume the last two weeks and unless we brake below it, we shouldn't fight the trend.
If 1185 is broken down we are looking at the test of the rising 50 day moving average around 1172 for next support and after that 1153.
For tomorrow, we probably will be looking at testing the previous highs, but also the top of the trading range.

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