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Reversal at support/S&P 500 update

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

Below is a continuation of a chart I posted on May 6th. I stated that we may test the 1044 level again after breaking the trendline. We did that today and reversed on good volume. I am expecting at least a short term rally here. We reversed at support on good volume and the VIX approached the 50 level last Thursday and Friday. In the past when the VIX gets near the 50 area there is at least a short term rally.