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Morning Brief 2 16

Morning Brief 2 16

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Published by Eli Radke

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Published by: Eli Radke on Feb 16, 2011
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02/16/2011

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February, 16 2011
Morning Brief by Anthony Crudele
Yearly High 2-15-2011 133275
 
Yearly Low 1-03-2011 1255252010 Closing Price 1253002011 Opening Price 125600
Top of Value 132675Bottom of Value 132425Point of Control 13700High Volume Bar 132725
Prior Day’s
Settlement132625Average TradingRange1097
10 Day Moving Average 131982
Prior Day High 132925
20 Day Moving Average
130381Prior Day Low 132225
50 Day Moving Average
127610Weekly High 133275
200 Day Moving Average
115419Weekly Low 132450
E-Mini Daily
135000
134125
133075
132050 Pivot
131025
129975
128950
E-Mini Weekly
136525
134125
131775
129425 Pivot
127075
124725
122375
S&P CashWeekly
136180
134025
131890
129754 Pivot
127619
125483
123348
Yesterday we came up just short of testing support at 1320.50. This is a bullish sign when the market cannot test support areasbecause traders are buying in front of support. The market ended up making new highs in the overnight session taking outresistance at 1330.75. The S&P cannot spend any time on the lows intraday nor can they test support. Strong, strong, strong. Untilwe start testing support you have to stay with the longs. Today I am watching to see if we can sustain trade above 1330.75. If itdoes, we should trade up to 1341.25. We have a decent amount of data today including the FOMC Minutes which should move themarket around. I am sticking with the long side up to 1341.25 unless we cannot hold 1330.75 then we could trade back down andtest support at 1320.50. I included a chart of the XLF to show you that they broke out yesterday by taking out their two year highsat 17.12. I believe this important for S&P traders because we move with the financials more than any other sector.

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