Stalking Two Price Support Zones

Before I go over my analysis in Monsanto (MON), I did post a chart of the S&P 500 (SPX) in the Columnist Conversation section Thursday that shows us the bigger picture. If we finally do start to see a deeper downside correction, it could be as much as a 130-150 point correction from the recent highs without creating any damage to the bigger picture bullish trend.

We are finally seeing some signs that such a correction may continue to unfold. One of the signs is the May 13 EMA crossover to the downside on the daily chart. If we do see such a correction, then these prior corrective declines would suggest support coming in below the market with a wide zone between 1440-1470. If the market does eventually approach these lower levels, I will be able to refine and fine tune some levels and timing work at that time. If the rally just resumes instead, then I won't have to worry about refining anything!...226 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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