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Wednesday, February 29, 2012

Alas, The Bears Claimed Victory!

It's pathetic really, but the bears finally had something to cheer about.  For the first time since last December when the 200 day EMA support failed, this is the first time the bull failed to defend a major support: 137.18, the old 52 week high.  In addition, the buy-the-dip failed.  But the 50 MA on the SPY 60 minute chart did hold.

We have a marginal bearish engulfing candle today. A small inside day started with a gap up to correct the closing dip may be in order for tomorrow.  For the bulls, nothing was broken today, but for the bears, today could be a start.

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