Channels to Watch: July 16, 2012

We got the close above 1350 we were looking for Friday.  As discussed then, the next important test is the trend line connecting the April 2 1422 high with the last interim high of 1374 on July 3.

While the market seemed to have plenty of momentum coming out of Friday, this TL might not be a pushover.  It has many cousins who’ve proven their mettle over the past year or two.



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