The SPY chart going back to last Friday’s move higher shows us a familiar look in 2013. The long, sideways base after each thrust higher has more or less replaced the givebacks we saw in the back half of 2012. Eventually, this type of textbook bullish action will betray us. But it might not happen before bears suffer some more.
At any rate, we continue to work through a tight range today as the top-callers are put in another tough spot, especially if we see a strong close.
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