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| Market Analysis/forecast 8-17-11 S&P-500 |
Markets have tried to trade above 1,200 level of S&P-500. But it keeps hitting the resistance. 8/16-8/17-11 is a time cycle turn window. The price resistance lies at 38.2 retracement level of 05/02 high to 08/09 low and it is also 50% retracement from break down from 1,300 level.
Therefore, markets are under strong pressure to trade lower due the time cycle and price level. Market must not break the yesterday's low. Breaking the 08/16 low shall make lower low and thus it would change the current up trend into the change of trend, technically.
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