Oct 4, 2010

Market Consolidating

October is starting with consolidation formed by last five indecisive sessions. S&P500 is tunneling levels around 1130 and 1160 - clear signal for exhausted power after wild September rally. Divergence between index and moving average histogram is suggesting correction but we have to consider October fundamental factors. The earnings season is to come, elections pending. If we see positive signs from either reports or elections, rally will be continued otherwise there is time for corrective move with first support 1118 (200 MA) and bottom line 1060.

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