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February 24, 2006
GE Gaps Lower
GE is to the S&P 500 what Microsoft is to the Nasdaq. The stock rebounded over the last few weeks with a rising wedge advance. The move retraced 38% of the prior decline and stall just below 34. The hanging man candlesticks formed last week (gray circle) and the stock gapped down this week. Further weakness below 33 would get the decline back on track and this would weigh on the S&P 500.
Posted by Arthur B. Hill at February 24, 2006 05:32 AM