Radar – Market Update

October 26, 2011
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After reaching the lower end of the major overhead resistance zone at a very overbought condition, the market has pulled back and formed a Head & Shoulders pattern and is defending the breakout level of 122.5 on the SPY. If this level does not hold, the projection for the H&S pattern is 120.8, also the center of gravity of the previous consolidation area:

SPX Daily

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