Here’s a snippet from Pepe, our technical analyst’s, Chart Chat for Wednesday July 27, 2011:
“Last week the Spiders got into that positive territory breaking the last two important resistance levels ( $133.35 and $134.25) on the way to re-test most recent high @$135.70 and the 3-year high @$137.18 . On Monday 07/25/11 they went back down below the $134.25 but held support well above $133.35. On Tuesday 07/26/11 SPY pushed down and penetrated the $133.35 level right after the open. After finding support at $133.03 it bounced back up, peaked at $133.96 and from there it reversed to close the day below $133.35.”
