SPY DESCENDING TREND LINE–COULD FALL TO $129.50 TODAY

March 8, 2011 in Daily Outlook, Intraday Outlook

image thumb17 SPY DESCENDING TREND LINE–COULD FALL TO $129.50 TODAY

If SPY, SPDR S&P 500, descending resistance trend line remains unbroken today could see SPY fall to $129.50 range.

image thumb18 SPY DESCENDING TREND LINE–COULD FALL TO $129.50 TODAY

SPY, SPDR S&P 500, closed below it’s ascending wedge in the lower half of it’s ascending channel.  With downward historical vectors that could see SPY falling to $124 for April expiration.

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