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Updated S&P 500 and Transport Charts

Updated S&P 500 and Transport Charts

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Published by annawitkowski88

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Published by: annawitkowski88 on Jul 24, 2012
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07/24/2012

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Fusion Analytics Research Partners LLC ©2012 FusionAnalytics P 212-661-2022
July 24
th
2012
 
Equity Market Review
 
Fundamentally Driven  Technically Conrmed
 
As seen in the chart below, and highlighted by the black arrow, the S&P 500 Index today is breaking below itsuptrend line (green line) that has been in tact since the June 4th lows. This breakdown comes ater trading upinto the 1,360 - 1,375 resistance zone (red shaded linesandarrows) and ailing once more to eclipse it.   There is minor support near 1,325, however below that support level, the next support area is down near 1,307.Given August is typically a week month we would bet the lower support is the best near term gauge as to wherethe S&P 500 is heading
S&P 500 (SPX) - Daily Chart
 S&P 500 breakinguptrend line
 
 
Fusion Analytics Research Partners LLC ©2012 FusionAnalytics P 212-661-2022
July 24
th
2012
 
Equity Market Review
 
Fundamentally Driven  Technically Conrmed
 
 Transportation Index (TRAN) - Daily Chart
As seen in the chart below, the transports have clearly broken downward rom a long triangular trading range(red lines). The breakdown occurred yesterday but was exaggerated by United Parcel Service (UPS) statementsthat revenue growth stagnated as the global economic outlook grew more cloudy. The near-term downsidetarget is 4,700 (green arrows) on the transportation index, however given August’s proclivity or weakness 4,500is probably a better near-term benchmark. UPS cited increasing uncertainty in the United States, continuing weakness in Asia exports and the debt crisis inEurope as leading actors in its slow business.Clearly the transports, and UPS in particular, are on the ront lines o economic activity, so their respective priceweakness certainly throws up a cautionary fag or equity holders..

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