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Testing the 200dma

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I’ve been working on various charts over the weekend and the first thing to mention today is that both of the rising wedges from the lows on SPX and RUT have now evolved into rising channels. That means that while there are still good reasons for both to reverse back down in this area, that there is no longer a pattern reason to expect either to be topping here, and on a sustained break over the current resistance areas on both, then there is another obvious target area above on both. I’ll walk through the levels on each below.

On SPX resistance here is at the 200dma at 2020, the monthly middle band at 2032, and the 50 week MA at 2033. On a sustained break above these the obvious next target area would be around the IHS target in the 2082 area, which would be a decent match with the daily upper band, now at 2075. SPX 60min chart:

160311 SPX 60min

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