S&P 500 Levels and Analysys 7/19/10

Stocks got hit hard on Friday and now the market is back below the declining 5 DMA which makes the intermediate term trend “guilty til proven innocent” We will now look for rallies to create lower highs and to establish short positions as those rallies lose their momentum and turn back down. The chart below is not a prediction of action, it is just meant as a representation of the scenario described.

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