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S&P Retest Bottom Of Recent Range

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

The S&P Futures (NYSE:ES) appear ready to test the 1340 area for the third consecutive day. Let's see if the third time is a charm for the Bears...

Each the last two days have seen steep rallies, especially after the European close (wait... Europe trades tomorrow too? Crap!). Intra-day, we can see this repeated probing of the 1340 level. This area provided a mid-term bottom back in early March. A break would likely clear a path to the 1300 level, where there appears to be some pretty significant technical support. A green close would appear to break the downtrend of the last week and may set the stage for a rally back to the 1400ish level in the coming week(s).