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Market Commentary 1Apr12

Market Commentary 1Apr12

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Published by AndysTechnicals
Updated look at the SP500, Gold and the DXY using Wave Theory and Technical Analysis
Updated look at the SP500, Gold and the DXY using Wave Theory and Technical Analysis

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Categories:Types, Business/Law
Published by: AndysTechnicals on Apr 01, 2012
Copyright:Attribution Non-commercial

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04/14/2012

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Andy’s Technical Commentary__________________________________________________________________________________________________ 
 
S&P 500 ~ Daily with Weekly Support
Shocker! 
Nothing really changed with the S&P500 lastweek. Minor support held with resistance and supportlevels unchanged from last week. The wave count up from
1202 is still a little mysterious but a “symmetrical” pattern
would be my guess. In a symmetrical the waves flowing inthe same direction all have a similar duration and size.
That concept „fits the bill‟ here. If that‟s what is going on,
then we should expect one more new high on this move.In the meantime, stay vigilant with the support levels--breaks of 1378 and 1340 would start to create a true
„breakdown‟ in this market.
 
1202abcgedfih
COPIED from 3/25/12
 
Andy’s Technical Commentary__________________________________________________________________________________________________ 
 
S&P 500 ~ Daily with Weekly Support
This is me yawning at this market.
Once again themarket stayed well within our first levels of resistance
and support. I‟ve raised the first level of weeklysupport to 1386 as this „feels‟ like a market that must
keep maintaining even minor support points. 1340 isnear the 38.2% retrace and aligns well with a KEYmarket level.
1202abcg?edfih
 
Andy’s Technical Commentary__________________________________________________________________________________________________ 
 
S&P 500 ~ Weekly Log Scale
Markets have a memory 
. 1440 stands out to me becausethere were some good battles around that level. The green
arrows point out moments when the market couldn‟t close
below 1440. The last red arrow is the real highlight as it wasat that point the market started its collapse in earnest--fallingwithout much in the way of a retracement.
1440 is also the 85% retrace of the entire decline from top to 
bottom. I don’t think 85% is a particularly important retrace
but I know some well known Ellioticians who do pay attention to that level.

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