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End of Day Analysis for May 11, 2010 - Going Down?!

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

From the opening bell this morning, ES was a well behaved market, doing very much what was expected. It did make it to the 15 EMA and reverse dramatically. That reversal, IMO, signaled that the Bears are back in town. The chart is pretty self-explanatory. Read the comment on the arrows. I’m pretty tired tonight and will chime in tomorrow when I see ES unfold a little more.

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