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Article: FirstAlert[tm] 4/24: Market Correction Ahead.
- Article from:
- Investrend
- Article date:
- April 24, 2009
CopyrightCOPYRIGHT 2009 COMTEX News Network, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Apr 24, 2009 (FinancialWire via COMTEX) -- April 24, 2009 (FinancialWire) (By Frank Kollar) The S&P 500 Index (SPX) reached important resistance several days ago, the prior closing highs reached back on January 28 at $874.09 and February 9 at $869.89. The S&P Deposit Receipts (NYSE: SPY) match this resistance level at $87.39 a share.
Those prior 2009 highs mark the point where the final leg down in the bear market began. They also mark the point where the current correction in the stock market has likely begun.
SPX 869.60 was reached on April 17 and the stock market has struggled and lost ground since. Strong support for a correction is at SPX 771.47 ...