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Chart Patterns are nothing but Footprints of the Greenbacks.
Thursday, December 10, 2009
50 SMA catching up
There's a good chance that the SPY 109-112 range will not be resolved until the 50 SMA catches up. The bullish scenario would be a final bounce on the 109 support/50 SMA and into new highs for year-end.
Bearish scenario is a break-down through 50SMA/support and a correction to end the year. Stay tuned and until then try not to do too many boredom trades.