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I added on the "TIME AT MODE" chart to the "Options Expiration Levels" to show you how the current downtrend is unfolding. The reason I call it a downtrend is because the market has not made a new high in over 5 days AND the market is below the mode since the high, which is the purple box labeled on the chart.

The most important feature of this chart is that the SPY             "FAILED" to hold above the last 15-day "mode" at 200.25. The SPY             did hold above that 15-day mode level for an entire session and created the upside target at 203.75. Note the light purple arrow on the chart. The box (green) was 17-days, but the forecast is for a 15-day rally since 15 days touch the mode.

I added a lower box to show you that the market not only failed but also failed by more than the recent range that the market has been in. So, the market has a LOT to prove here to get back on its feet.

More to follow.

Tim 197.02 last SPY             , 12:35PM EST 9/29/2014

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