Tuesday, July 24, 2012

Second Update for 7/24/12

Currently at 1342, S&P 500 is close to touching the Fibonacci retracement level of 23.6%, which is around 1340.  This has been a strong support area between Feb. and May of this year, in addition to the last couple of weeks.  If it dips below this level, without much support from demands for, or rumors of a QE, then 1310 could be next.  This is for the next 2 - 3 weeks, as earnings this week, especially today after the close, could turn the market around in the short term.  AAPL and NFLX are among the 'big names' that are reporting this afternoon.  Both are in the green today. 

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