273-275 support shelf on SPY. Consolidation between 275 - 295.

Short

SPDR S&P 500 ETF TRUST (AMEX:SPY)

Updated

AMEX:SPY SPDR S&P 500 ETF TRUST

Don't think we will get down here but just in case, 273-275 has provided support recently. Look for a bounce from here as we consolidate between 275 and 295. More money from nothing is in the offing! The market will not die peacefully till they keep injecting it.

Comment:

We bounced off 275. The bull case is very much on till this shelf holds. If we break this, the next stop is near 240s which very much into bear territory. With the govt deciding on a new bailout package this week, we are not likely to move out of the 275-295 consolidation box.

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