Bear Market Rally?

08/12/2008 12:00 am EST

Focus: MARKETS

Thomas Aspray

, Professional Trader & Analyst

The short term uptrend in the SPY is still intact but still this appears to be a bear market rally. There is next Fibonacci resistance at 132.50 with major at 134.50-135.50. The declining 200 MA is at 137.50. Volume has been low on the rally which is negative. Key support at 124.50.

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