Letting the air out of the E-mini S&P

On the shortened trading week last week the March 2013 E-mini S&P opened at 1516 and closed the week at 1514.50 reflecting a weekly doji candlestick.

The muddled Italian elections yesterday caused the market to have a large drop and we saw major chart damage. Today positive U.S. economic data and the Fed’s commitment to QE may have started to heal the chart damage. A close above 1500 would be in the right direction for bulls.

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