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Berger: Jumping on the S&P 500's 'oversold bounce'

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"I'm looking for an over-sold bounce in the S& 500 Index"; so says trader, Serge Berger, also known as the "Steady Trader". Over the past ten days, he says, we've seen a four percent correction. On Thursday there was good intermediate support at the 100-day Moving Average level. The index rose the most since March on Friday after tensions with Russia and Ukraine appeared to ease.
Serge believes US stocks are in a "cyclical topping phase" and in the medium term we're likely to see a 15 to 20 percent correction. Active traders, he says, can take advantage by jumping on over-sold bounces.
He's looking to buy at 1925.
His target is 1960.
His stop-loss at 1910.

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