Tuesday, May 18, 2010

Shakedown Breakdown Takedown

Next Fib level is at SPY $111.15, followed by the 200-dma/ema at $110.35. It seemed like a slow drip after the VWAP recapture fail, but the move has certainly picked up speed since the Pivot broke. Going into the final hour, it would seem yesterday's lows should hardly provide pause, we'll see momentarily as we are retesting that level right now. Update: And hold... but fading after the bell in spite of earnings beats...

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