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Previous Resistance is Now Support

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September 06, 2012 – Comments (0) | RELATED TICKERS: SPY

An object in motion is likely to stay in motion, and usually in the same direction unless something bats it back. This break-out today of an ascending triangle on the daily $SPY, while huge and in need of a rest, is more likely the start of a grinding rally further rather than a top as market has been bullish/neutral, consolidating recent moves, for a number of weeks. 

Previous resistance is now support around 142.

Could this be a top? Sure, but we can't know that until we see significant distribution. Small pull-backs are likely and will consolidate this move in a healthy manner.

 Here's the SPY Chart.

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