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Friday
Oct142011

End of Week Charts

The S&P 500 had another big week this week and extended the rally off the 10/4 intraday lows to just under 14%.  Yes, that's right -- +14%!  Even after this rally, though, the index has yet to break out of the upper end of its recent range (1,230).  So for now the index is still range-bound.

 While the S&P 500 remains stuck in its multi-month range, the Nasdaq has already broken out of its late Summer/early Fall range and now has its sights set on the 200-day moving average (2,694).

Finally, Treasuries could be in store for a long winter.  After failing to make a new high in early October, the US Long Bond future has dropped 6% in less than two weeks.  While a 14% move in equities in less than two weeks is a huge move, a move of 6% in the Treasury market is equally big.  More importantly, though, the Long Bond future is now closing out the week below its 50-day moving average for the first time in nearly three months.

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