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Morning Brief3 02

Morning Brief3 02

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Published by: Eli Radke on Mar 02, 2011
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03/02/2011

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March, 2 2011

Morning Brief by Anthony Crudele
Bernanke ended the 7 month streak of the market closing higher on the first day of the month. I believe that this is the start of the correction everyone has been waiting for. The Dow Jones Transports have been leading this charge down. If you believe in the Dow Theory, which I do, then watch the Dow Industrials to see if they confirm and take out the low at 11,803.0. At this point the Industrials and Transports trend would turn from bullish to bearish. If the Dow Industrials take out the recent low at 11,983.2 I believe we will go and test 11803.00 quickly. Today I will be selling rallies as long as we stay below 1315.00. I am looking for the market to test support at 1293.50. If we cannot hold 1293.50 I believe the market is in bad shape and could trade down to 1271.75. I will be keeping my eye on the DJI to see if they trade below 11983.2 because I believe that will put a lot of pressure on the S&P. As for data today we still have Bernanke talking along with Crude Inventories and Beige book all which could move this market. I am always keeping an eye on the news in the Middle East and the price of Crude Oil. This market gets ugly below 1293.50.

E-Mini Daily • 138000 • 135850 • 133675 • 131500 Pivot • 129350 • 127175 • 127175

E-Mini Weekly • 138450 • 136975 • 133900 • 130825 Pivot • 128625 • 124675 • 121600

S&P Cash Weekly • 139261 • 136981 • 134701 • 132420 Pivot • 130140 • 137860 • 135744

Top of Value Bottom of Value TPO Point of Control High Volume Bar Prior Day’s Settlement Average Trading Range

132300 130325 132875 130800 130100 1782

10 Day Moving Average 20 Day Moving Average 50 Day Moving Average 200 Day Moving Average
Yearly High 2-18-2011 Yearly Low 1-03-2011 2010 Closing Price 2011 Opening Price

131820 131911 129253 116513

Prior Day High Prior Day Low Weekly High Weekly Low
134300 125525 125300 125600

133650 130075 133650 129625

Source: CQG, Inc. © 2011 All rights reserved worldwide.

March, 2 2011

Source: CQG, Inc. © 2011 All rights reserved worldwide.

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