I SPY With My Bearish Eye...

Can we finally break the streak? Today feels like the day and there's enough in the charts that tempers my expectations for a continued major move higher in the short term. It doesn't mean we can't move higher over the next month, but I'm not expecting anything more than a couple of points if we do move higher. 

My focus is only the megaphone pattern setting up in the SDPR S&P 500 ETF (SPY) . No, it's not textbook, but patterns rarely are, so I won't obsess. The falling MACD along with a bearish crossover in the Full Stochastics triggered me into a bearish call spread. I do think we could test $233, but that's not my target. My expectation here is for sideways action and limited upside. A trading range of $233 to $240 for the next few weeks would suit the bulls well and still work for a bearish call spread. ...92 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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