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Strategies & Market Trends : Natural Resource Stocks
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To: isopatch who wrote (81846)9/16/2009 6:05:20 PM
From: Little Joe  Read Replies (1) of 108660
 
Below is a weekly chart of the SPX. There are a few things which are worth noting.

1. The head a shoulders bottome breakout at 950 projects +300 to 1250.
2. The 61.8 retracement area is 1228.56
3. There was a breakdown at 12.28 ish which would be significant resistance on a point and figure chart.

I am guessing about 1250 on the SPX. Would want to see some strength in the dollar at that point also, to confirm.

The important thing is that this retracement is well within what would be expected in a normal bear correction.

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