Wednesday, February 23, 2011

SPY Need Followup Today

Got a nice drop today but again need confirmation that the move is down. We came threw a key support in 132.56 but must stay below that n a closing basis on Wed. there is a 2nd trend line marked in orange I like to see break then I think we can get some downward direction and test the green trend line.
This chart shows you how I get the orange trend line if you go back to Sept lows and draw up to Dec lows and continue on. That gives you the orange trend line.

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