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| SPY May 6 2013 |
The market chugged slightly higher on May 6, but it probably disappointed ardent Bulls and Bears alike. We still expect at least a short-term reversal soon based on location within the upper channel and the Shooting Star we discussed over the weekend, but those types of things take time to develop. Some runs higher, perhaps to the 1620s, with immediate pullbacks, are what we are looking for in terms of setting up a true reversal. Once the averages start spending time in their new locations, though, they probably won't pull back right away.
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