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S&P Testing Recent Downtrend

|Includes:SDS, SPDR S&P 500 Trust ETF (SPY), SSO

The quick two day rally has the S&P about to test the resistance lines of the last month. The daily stochastic has turned up from oversold levels, while the weekly stochastic remains near overbought levels while moving lower. UPDATED: The S&P is now hitting a couple of short term resistance lines (recent tops + bottom of uptrend from summer). At the same, stochastics have rallied back to the downward trendline in sentiment.

(click to enlarge)Click to enlarge

Stocks: SPY, SDS, SSO