A Very Good Day Technically
Posted on June 19, 2012 at 18:18 PM EDT
The stock market indices had a very strong morning with breakaway gaps on strong run-ups until late morning when they backed off. But they came on again strongly into the early afternoon, and reached their session highs in overbought territory close to key resistance on the S&P 500, near 1355 and on the Nasdaq 100 near 2630. At that point, we warned our subscribers that they should see an afternoon sell-off, and we did get that. The NDX went from 2631 to 2618, and the S&P 500 dropped 1363 1/2 to 1357. They bounced, and backed off to retest the afternoon lows there. [More...]
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