Last week I wrote a post called “Bad News Bulls”, which I talked about an overhead trend line resistance level that might be creating a new downtrend. I also wrote about an alternative scenario which we would channel out between 1,115 and 1,085. The last scenario of channeling out between those two levels seems to have the higher odds at this point. Today we broke the overhead trend line resistance level and tested the top end of the channel. At this point I will be watching for a violation of the top channel line or bottom support. These are my new levels to watch, if we break one of those levels the situation will be changing.
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