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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
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Dots

...If the dots don't connect, gather more dots until they do...

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Tuesday, July 17, 2012

Market Action During Bernanke Testimony Tuesday Morning

I have a couple of remarks to make about the morning's action, so far, during Mr. Bernanke's testimony before the Senate Banking Committee.

Further to my post of July 16th, a near-term support level of 483.00 has been re-tested and is holding, so far, on the Utilities Index, as shown on the 15 min chart below...one level that I'm watching relative to weakness/strength on the other Major Indices. Near-term resistance of 485.60-486.00 lies overhead and would need to be overcome in order to push the other markets higher.


The low and high of the recent small "diamond" pattern on the SPX:VIX ratio pair have been re-tested this morning as shown on the 60 min chart below...price now sits at the next resistance level of 83.93...the next hurdle for the SPX to overcome if it is to resume a rally.