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Friday, 16 July 2010

18:15 BST - SPX Update - Go on, jump. It won't hurt...much

SPX is teetering on the edge. If it breaks below that yellow support area I showed earlier, it shouldn't be too tough to get down to the next pivot low at about 1058. After that, there's an even greater price void all the way back down to 1018-1010 since the run up from there had very little overlap in the price bars.

Here's a 60 min chart: