|$SPY 2002-2011 courtesy of FreeStockCharts.com (click for larger view)|
S&P 2007 Bull Market Top, Wedge Breakdown Vs. 2011 Bull Market (SPY Chart)
8/03/2011 02:58:00 PM | via @Dvolatility |
SPY (S&P ETF) broke through the rising wedge from 2009 just like it did in 2007. Both had one previous test on wedge support. As noted yesterday, Peter Lee, Chief Technical Analyst at UBS, thinks we see one more bull market rally for the S&P that breaks above the recent highs and peaks out around 1440-1450.