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Tuesday, February 24, 2009

The benchmark $SPX

The /ES, futures of $SPX remains to be the best view of the market. AS a subset view of the /ES, The $SPX is the most watchable market benchmark. Looking at its daily chart, I think we've got a pretty good resistance at 800, it wouldn't surprise me if A big countertrend rally started when eveything showing so bearish. The next strong resistance is at 830 if 800 is busted.

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