Tuesday, July 5, 2011

More on the SPY

This looks like a significant potential turning point. Here are some more charts:

 Earlier I warned a break on the 50-bar 10-min chart would be significant as it has defined support for the recent uptrend, it just broke.

 The 10 min negative divergence shown earlier today has worsened.

The 10 min negative divergence has creeped in to the 15 min hart, which is now looking worse and a more significant negative divergence then the last 15 min negative divergence mentioned in an earlier market update.

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