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Brief – but clear – sailing to upside?

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

The S&P sure looks like it’s got a 3 year rising wedge in place, which is typically a bearish setup.  It is currently getting awfully close to the top of its range.

That said, the S&P recently bounced off two short-term support trendlines and has a little room to run before it hits the upper trendline:

So, with the idea of grabbing a couple days’ worth of upside, I like the 3x small cap bull (NYSEARCA:TNA) to see if I can get a quick 6% over the short term, with a sell price around $97: