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Scott Redler: A Tale of Two Time Frames

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T3 Live's Scott Redler breaks down S&P 500 technicals.

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Taking a look at the short-term action, the market isn't letting longs in or shorts out.

After a pause on Tuesday above the SPY $196.33 gap, it seemed like the market needed a few days of sideways action before deciding on a direction.

A strong close above $200.20, and $202.89 could come into play.


Click to enlarge

Looking at a bigger-picture SPX chart, we have a short-term double bottom at 1870ish.

A close above the 50 day around 1998 can get us a move back to 2020-2060 before year-end.

Longer-term, there is the possibility that a bigger head & shoulders pattern is playing out. We'll have to watch for this if SPX gets back to the 1840-1870ish 


Click to enlarge

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No positions in stocks mentioned.

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