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Good evening.
Even before the gap open lower this morning after the 7:30am numbers,
looking at the SPX 60 minute cash chart gave you an indication that price
was at a real danger zone in terms of running out of upside directional
energy. On the attached chart, you can see that the best price could do
yesterday in the cash was test the confluence of the two major down sloping
Median Lines--and Median Line theory tells us price SHOULD do something
significant at that area. The confluence, coupled with the gap lower on the
opening turned out to be the tale of the day...There is a more detailed
explanation on my web page at:
http://www.medianline.com
I wish you all good trading.
Best,
Tim Morge
www.medianline.com
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