Tuesday, November 23, 2010

The SPY and the 50 day moving average

The SPY has the 50-day moving average just below Tuesday's lows, and that is still being watched for support.

The overall pattern looks like a consolidation, and if we hold the support, the break could lead to another leg higher. If we don;t hold support, a deeper pullback will likely be taking hold.

We are in wait and see for now, as volume should be light Wednesday and for the half day Friday session.


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