Into a long, three-day holiday weekend, we have just seen a quick spurt of selling pressure. We know that 2013 has thus far been a year characterized by countless traps for eager bears to fall into. At some point, history and probabilities dictate they will win out, if only for a short while before the overall uptrend resumes.
The updated 30-minute SPY chart below indicates the 151.50 area, or the 1514 level on the S&P 500 cash, is the first line in the sand bears need to clear in order for us to take them seriously here.
Indeed, we might not know the answer until Tuesday. Stay patient.
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Thanks, Chess. Have a good weekend.
You too, Cain. Check out some good real estate values out there.