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Friday, June 1, 2012

Daily update

The bears did indeed take control yesterday.  Here is the daily chart.

SPX closed below its 200 SMA today.  The new line down below is last year's close at 1257.  That looks like the next significant support level.  Here is the 130 min. SPY chart.

I have drawn in a tentative down trend line, but the price action is not all that clean.  I will have to let the chart develop some more.  I might need to adjust that line in the future.  There is some room to bounce next week and keep the down move intact.  Sell rallies at least until we break the down trend.


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