AMEX:SPY   SPDR S&P 500 ETF TRUST
Quick update-

We were looking for a bounce. We got it. I was leaning toward the massive confluence at the 251-252 area. It looks like the price may have run out of steam before it could make it there.

1. Massive Volume on yesterdays close brands that candle as a top, It could be broken but would need lot of market participation to do so.
2. We are creating a bear flag pattern and once it breaks to the downside I have a measured move for the impulse which would kick start the selling waterfalls again.

The second time we test the 200 Moving average and Exp moving average I will be greatly antipating that they do not hold this time and upon breaking down below the 233 area we will see a huge flood of selling once again all the way down to our next targets at 212.

Could we see price get above this bear flag and continue higher, sure anything is possible. But as the chart gives us more information with every minute that passses. In fact, it looks like its breaking down right now from our bear flag .

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