Keep a eye on FDX it has a bear flag forming with the flag coming into 2 averages that are very close together creating a heavy resistance area. Maybe this is one peace of the puzzle to tell us where the S&P next move is.
The other part of this puzzle is FDX has just pulled back from a double top so maybe this bear flag is telling us its getting ready for the second leg down. FDX is one stock I don't trade but like to watch to give me a idea of what the economy is doing. Because they move many goods for many corporations its a good indicated for the general market.
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