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Chart of the Day

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

Yes, it's early, but I wanted readers to be aware of a possible technical breakdown on the SPX daily chart. I have been watching a developing descending triangle in recent days; in the first hour of trading this morning the index has broken through the lower support line as well as the 50 day SMA. Let's see how the rest of the day goes...this could be the beginning of a textbook bearish move. Be alert if you are long equities!