well we're still within this gigantic symmetrical triangle... this is a huge resistance line that that we're hitting right now that goes all the way back to the 2007 highs... and boy is it offering some serious resistance for the markets. interesting how we were basically above this trendline for almost the entire day today, but then in the last few minutes we just came crashing back down to close below it. wow. close but no cigar as they would say. markets are at a pretty critical point here. if we could ever get a close above this trendline with conviction this could have some serious upside potential. the question is will it happen? man it doesn't get any closer than this... just not sure what the catalyst will be to push us over... let's be watching this real closely. gonna be very interesting to see what happens with this...
Lots of resistance here around 135 area for SPY.
look back at these dates:
7/26/11 ( last major drop )
Not saying it'll happen again, but this is a tough area to crack....
cracked 135 on:
Interesting area...maybe why I kept saying 135 then pullback?...