Wednesday, June 3, 2009

We're headed lower

I'm gonna go out on another limb and say that we're probably heading lower in the market(s). It kind of all depends on where this week finishes up.

Below is why I think that. We're looking at a 3 year weekly chart. So each bar represents 1 week of price action (This is ticker SPY...Which is 1/10 of the S&P 500 Index). Where I placed the white circles (going from left to right) is where we previously had 2 instances of support...then it broke support...and now we're on the bottom side of the red-line so it SHOULD act as resistance, forcing price lower.

Just a thought......I could be wrong because I often am.

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