Monday, December 3, 2012

SPY wedge or double top (briefly distorted by bernank)

Interesting area of resistance at the SPY 141.50ish area. We did pop it once but only after Bernank promised to bury the dollar via printing. I'm wondering if this is a longer term terminal wedge or a double top the right side having been blown out by the Bernank's infinite printing comments, either or brings me back to a minimum of 1250 and below as a first target and ultimately 1100ish if it's a terminal wedge for a 1st target longer term.

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