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Tuesday, June 29, 2010

SPX Sell Off



The market selling continued today, as the S&P opened this morning with a 15 point gap to the downside and didn't stop until reaching 1040 which was the previous lows from February, May and June.
And area of concern is that the 50 day moving average is quickly approaching the 200 day moving average and we all know what a death cross means for the market.
Next level of support is at 1010 and resistance at 1050
Watch for more end of quarter window dressing volatility tomorrow.

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