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Short

SPY (d) - Running out of steam

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BATS:SPY   SPDR S&P 500 ETF
245 0 0

I'm sure everybody's seen similar chart on your favorite blog, but here are my 2cents.

The market seems to have two options here
1. Confirm the double top and continue down the target, breaking MA(50) soon
2. Bounce off support (channel and earlier support line) and make the right shoulder for the HS then go lower from there.

QEternity is promised, the best employment numbers are out (you can believe them if you wish) and we've given up all gains. So, What stands between these two scenarios? Some seriously great news out of EU, sorry but i don't see it at the time of this writing.

The setup seems very similar to RSI pattern I pointed to in one of my published chart seems more pronounced as of current setup. I'm thinking we might see some fireworks soon.
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