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Isam Laroui
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Isam Laroui has been trading stocks professionally since 1996, first at a couple of Wall Street proprietary trading firms, then independently starting in 2004. His preferred holding period and trading time frame have increased over the years from a few hours, using the one-minute and five-minute... More
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  • Line in the Sand  0 comments
    Jun 19, 2009 6:34 PM | about stocks: SPY

     

     
    The market is in correction mode, that is now a fact. How low can it go before this ceases to be a correction and turns into something more ominous?
     
    I think the 875 level on the S&P500 (shown in the chart above-click to enlarge-in orange) is extremely important for the very simple reason that it has proved to be quite a formidable resistance on the way up. Indeed, four attempts were needed to break out of it: on January 28, February 9, April 17 and, finally, success in early May. It then acted as support when the market wavered in mid-May.
     
    So any decisive move below 875 should have us legitimately make arrangements for a proper burial of the bull move off the 666 low.
    Stocks: SPY
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