Wednesday, June 3, 2009

06.03.09 - S2 VWAP Channel

The S&P 500 has spent most of the morning in a relatively tight range between its second level of Floor Trader support (SPY S2 = $93.35) and Volume Weighted Average Price. However, internals show building pressure for more prospective downside, including weakness among the leaders, a rising VIX and grossly outpacing Down Volume. Energy has been the big loser as the dollar gains strength. Watch that support level closely.

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