SPDR S&P 500 (SPY)

[Fox13]

Hi 2Bit! OEX has the best technical chart. It is at a critical level. It actually dropped slightly under the support ascending trend-line that you drew, under the 377EMA and is between 2 close independent Fib levels. It also touched the low BB. It could bounce indeed. I am not sure whether it is worth chasing this possible move. We could watch some additional indicators if the move develops.

Also, the talking heads and some ”invited traders” came up with a new “paradigm”: TOM is now a narrow DOWN -> UP. Thus, they tell the retailers to buy…Watch your wallet! I represented on the chart what they call precedents (yellow) and their relation with Fibonacci time extensions.