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S&P testing downtrend

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

 The S&P (using SPY as the proxy here) has broken resistance at 1300 and is now testing the falling trendline from its recent highs.  A decisive move above this trendline would seem to indicate that the S&P is clear to retest its recent high around 1340.  Volume has been anemic and decline during this rally, so I wouldn’t be jumping on the long bandwagon just yet.  In fact, it’s probably a good spot to short with a tight stop if feeling bearish.  I’m not planning to do anything with this… just watching and waiting to see how it resolves.