One Juicy Chart in a Dry Market

This has certainly been a disappointing week for equity bulls. A bit of rest is good, and the weekly chart reflects just that, but things appear a bit more challenging on the daily chart of the SPDR S&P 500 (SPY).

We are looking at the potential for the SPY to close Friday under a descending triangle price pattern. Pair that with a bearish crossover in the moving-average convergence-divergence (MACD) line, and the lack of any bullish divergence, and suddenly Monday looks a bit less exciting. There's still plenty of time left in the day, though. A SPY close above $169.25 should keep the wolves at bay -- er, I mean bears -- at least for a few more days....231 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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