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Wednesday, February 16, 2011

Wednesday morning update - Inflection Point

SPX and DOW made new highs as I expected and are now at critical inflection points.  The SPX has reached the key pivot area 1334ish and upper trend line resistance.  Should it impulse up through this area and exceed 1345, then I would expect it to be unimpeded until the 1360 level.  On the other hand, this would be an ideal place for it to take a much deserved and overdo break.