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S&P rally may be purely technical and shortlived
The recent rally in the S&P 500 futures (and spot) has been attributed to many things. The fact that the markets overreacted to Ben Bernanke’s comments last week is now going through a correction, the surprisingly strong economic data on Tuesday and the weaker GDP figure on Wednesday to name a few. While any of the above may be true, it could also be purely technical. The chart below shows how the index broke below an ascending trend line and key level of support last week, before finding support from an even bigger trend line, dating back to November last year. From here it has since rallied before finding ... (full story)
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- Jun 26, 2013 1:00pm Jun 26, 2013 1:00pm
- Yuri57
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- Mike Haran
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