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Monday, February 08, 2010
Bull market boxes
Here is a daily chart of the cash S&P 500. I have drawn a stack of 87 point boxes (blue rectangles), starting with the one defined by the June-July 2009 reaction. Friday the market dropped to the bottom of the third box. In doing so it matched the percentage drop of last year's June-July corrections. These are two good reasons for thinking that Friday's 1041 low will hold.