Ape

Caution to the Bulls Hourly

BATS:SPY   SPDR S&P 500 ETF TRUST
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Here in the hourly I have displayed the intermediate support and resistance levels I think we will be trading in this grind up. If we do indeed see a slow grinding move to new highs my primary target is the 154 area. Until the first line of support is broken and held by the bears I believe we have no choice but to look to the 154 level. However I strongly believe the bears will come in strong if we make it up to the 154 area. Once the intermediate line of support is broken I will be watching it to go down to the 148 area as this is a major support area .

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