Stock Market SPY Likely to Break Below July Low
Stock-Markets / Stocks Bear Market Sep 04, 2008 - 06:51 PM GMTBy: Mike_Paulenoff
From a swing move perspective, the fact that the S&P 500 Depository Receipts (AMEX: SPY) have violated 125.55/50 indicates that the current decline off of Tuesday's rally peak at 130.71 should accelerate lower to test and likely violate the 7/28 low at 123.42 on the way to 122.40/30 next. Any recovery rally effort is unlikely to be able to penetrate resistance above 126.30/50 prior to hitting 122.40/30 first.
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By Mike Paulenoff
Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction
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