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Thursday, November 18, 2010

squeeze gap

Recent downside momentum in the markets was broken today with a wide gap up, triggering stops overhead.  Where did price resort back to?

SPY returned to the 50% retracement as measured High to Low (11/9-11/16), closing right above the 20-day

While the gap up (from the PDC to today's Open) couldn't quite extend to the 100% mark (came within 7-cents):

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