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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 681.92-0.7%Dec 31 4:00 PM EST
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To: Johnny Canuck who wrote (59669)8/11/2024 5:17:31 PM
From: Johnny Canuck2 Recommendations  Read Replies (1) of 69357
 
This is a better view of the semiconductor sector. It has done a 38 percent retracement of the sell off on Friday and the tight range indicates that traders are balanced between sellers and buyers. The next few days is going to tell the tale. A break above Friday's close means a potential rally to the 50 percent point of where the sell off began. A break down means we re-visit the lows. A break above means a test of the 50 percent level. There is still no long term trend unless the index sets a higher high for the year but till then there should be a tradable range.

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