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TAM's Morning Cup of Jo: June 15, 2011

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

With the afternoon selloffs temporarily taking a hiatus technicians now turn to the 1,300 Floors & Ceilings for a leading sign if Turnaround-Tuesday is all what it portrays. These areas, as simple as it sounds, are where the markets returns to a slightly ambiguous state until further resolve presents itself. When the SPX closed just on its 50-DMA the key will be a follow-through. Until then it’s a waiting game.
SPX Daily

Until next time.