Tuesday, August 21, 2012

SPY 60 min chart

Today the SPY and SPX pulled back exactly off the upper trendline of the bear wedge.  Last night in my newsletter I stated that the upper trendline provide a low risk short.  This morning the market was up and intra day tested the upper trendline; this was pointed out in our real time blog today.

In tonight's newsletter we will discuss what to look for in the market going forward; in the short term the market is at an important juncture. 

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