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Strategies & Market Trends : News Links and Chart Links

SPXL 224.17

+0.8%

Oct 31 4:00 PM EDT

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From: Les H	4/10/2009 7:52:08 PM
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Buy Signal Confirmed by Carl Swenlin April 9, 2009 Last week I pointed out that the market was beginning to show the signs of a bullish undercurrent. Specifically, short-term overbought conditions were being cleared by small corrections or small pauses in the up trend. This week the bullish undercurrent persisted and may even be strengthening. Thursday's strong rally on expanding volume certainly suggests that this is so. On March 17 our primary mechanical model for the S&P 500 Index generated a new buy signal. At one point I emphasized that the buy signal should be viewed as short-term until further confirmation materialized. On Thursday confirmation occurred when the S&P 500 20-EMA crossed up through the 50-EMA, so now we can assume that the buy signal applies to the medium term, and that the rally is likely to extend for several more weeks. At this point a sharp price reversal can quickly reverse the EMA crossover, but the odds favor positive outcomes. decisionpoint.com

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