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S&P 500 Analysis for 11/27/09

The chart on the right shows the S&P 500 futures which were trading down 23 points (2.07%) on Thanksgiving day after the Dubai news. The equivalent move from the 4PM close of the SPY on Wednesday would put the market at 109.05, which is where we have seen some support over the last week. The lows recent lows of 108.75 are the next area where support may be found on Friday and below that, the 108.00 level is potential gap support as well as a bigger level from the daily timeframe. Friday trading closes at 1PM Eastern time and with this much news to absorb in a shortened session ahead of a weekend it is likely to be very volatile.


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  • Brian Shannon

    Brian Shannon is a full time trader (with 17 years of experience), educator and author of the highly regarded book Technical Analysis Using Multiple... More »

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