FreeStockCharts.com. SPY is approaching the shelf of judgment again, after possibly forming a right shoulder in a descending triangle. What do you think? It could test the shelf and decide from there, like July 2009 1, 2, 3. The market could be pricing in a double dip recession or slow down. I always thought that the June 2009 plateau looked like decent support for $SPY, which is $96, down 10.2% from here.
DIA (Dow ETF) took out its 200-DMA today (see ETFs trading above/below their 200-DMA yesterday). Add the Industrials to the S&P, ITB (Construction), XLF (financials) and XLV (healthcare). Also, UUP (US Dollar ETF) is testing 50-DMA support, GLD is testing serious support levels and TLT (Treasuries 20+) is hitting up against a ceiling in ascending triangle. Something is about to happen, I can feel it.