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| SPY Daily Chart |
At 3:15 the market looked strong but by the close the wind had left the sails and the ship was drifting. The chart shows a bull flag and while volume was below average it was slightly higher than yesterday and the candle is much closer to the upper Bollinger band than the middle one.
Weakness in crude oil and the still unexplained fast $4 drop coupled with some strange action yesterday in NOV and DO have some traders scratching their heads. Still Ben has the bulls back and the trend is up (until it's not.)
