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| Dollar Index Hourly |
Market Opening Update:
Things are looking like we may soon see another deflationary day, either today or tomorrow. Silver and Oil both appear poised to take out their panic lows, and the stock charts are in some real trouble.
As I've already mentioned a couple times, the Russell has broken a very important trendline and is now moving quickly away from it.
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| Russell 2000 Daily |
The S&Ps tried to use the Feb 18 high as support multiple times, but could not accelerate away from it and eventually failed. After we fell below it, we then fell below an important trendline connecting the higher lows. This market also looks weak, but there is still some support underneath.
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| S&P 500 Daily |
Longs are looking good so far in the personal account. Since the daily session is opening soon I need to do something a little different for the day trading account. I could still use the trendline as a risk point, but because it sits about .25 away that means I would only put one on at most here. When we break 76.00 and hold it, I can use that support as my risk point with a larger position.
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| Dollar Index Hourly |