Hope Is Temporarily Restored. Resistance At the 200-Day MA Should Hold


The chart for the SPY the last 3 weeks is filled with huge gaps and reversals. The market is all over the board. I can feel how desperately Asset Managers want to push the market higher, but every time it gains traction, European credit concerns pull the rug out. This morning, Greece appointed a new PM. It will pass the EU bailout vote and it will get its money. That is good news, but it does not change a thing. They will not follow through with austerity. Rumor has it that Italy will draft a budget today and it will vote …

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