Monday, July 8, 2013

SPY July 8 2013

SPY Daily Chart July 8 2013

The market has confounded almost everyone by simply shrugging off the Bernanke warning, buttressed by statements of other Fed Governors, that QE must taper and end at some point. This is one of those "gotcha" markets, where they "gotcha" when you start to disbelieve your own eyes and bet against this rally.

The 50-day moving average should provide support. The market ran into the bottom of the old uptrend channel today and came to a dead halt, but we've seen this time and time again - this period of digestion usually resolves with another surge higher.

The new trendline higher is important. Dips to it and/or the 50-day moving average could be buying opportunities. Remaining Bullish.

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