an tSionna: 11/13/08

You can click on this chart of SPY to expand it. The market has now retested its October lows three times. Each time it has managed to rebound although technically today on an intraday basis the market breached its Oct. 10th low. Each time it has rebounded on greater than average volume. {See Red Arrows}. The market's next big test will be to see if it can penetrate through these trendlines to the upside. It was repelled in its first two attempts {Red Circles}. Either way it looks like some resolution to our current range could be ending soon.

*Long SPY in certain client accounts.