The current low needs to be established.
The near-term technical set-up for the S&P 500 Depository Receipts (AMEX: SPY, Stock Forum) argues in favor of an approaching recovery rally into the 135.50-136.00 area in the upcoming hours – once the current low is established, either at 133.50 or somewhere lower. For the time being, though, I am willing to risk only 132.80 to participate in the preferred scenario.
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