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SPY And EEM Chart Update

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

Just to update a couple of charts that I've posted in the last few weeks:

The S&P remains rangebound after breaking to the downside of its rising (bearish) wedge earlier this month.

The iShares Emerging Market ETF (NYSEARCA:EEM) has broken the downside of the pennant pattern it formed over the last year.

With EEM breaking to the downside of its pennant pattern and so many of the leaders from this year's bull run showing weakness (AAPL, CMG, EMC, etc), I continue to think the likely direction out of the S&P's current consolidation will be downward.