By 20 Jun onwards, S&P 500 was on its way to test its Median Line of uptrend Andrew's Pitchfork. A move below 1340 may signal the possibility of further downside, to test the lower bound of uptrend Anderw's Pitchfork. At the point of writing this, S&P 500 is trading around 1341.
Aligning the price action of S&P 500 with our local benchmark (FSSTI),
18 Jun 2012: An inside bar imprinted on daily chart
19 Jun 2012: FSSTI gap up to open higher but closed lower (a signal of Bearish sentiment).
20 Jun 2012: FSSTI open lower and closer lower (a continuation of Bearish sentiment).
23 July 2012: FSSTI gap down to open lower and closed loser. A inter-day gap 2999 - 3015 created.
Going forward, a move above 3015, ...
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