Looking at the weekly chart, the failed backtest of the trendline extending
from the August 2010 low does not bode well. 1240 remains the key level that
needs to hold in order for the weekly uptrend to stay alive.
The Channel chart shows the long/short odds as evenly matched. Given the close
proximity of key support levels, it seems best to exercise a little more patience,
and let the market tip its hand.
George Krum is the author of the "CIT Dates" blog and several
books available on Amazon.
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