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SPDR S&P 500 ETF TRUST
Long

Cup & Handle

By Murcielago312
Updated
Long!. First target 292.70 gap close. May go to 294 gap close if strong enough.
Note
First support trend line broken. Cup pattern intact. Idea may be invalidated if we drop under 284.
Note
Pattern tried to break down over the weekend, but it got bought up at market open. Idea is still likely.
Note
The uptrend portion of the cup pattern is not as strong as the downtrend we saw on May 1st to the 13th.
Market looks a bit weak to be honest. We might see a slow climb to $290 where it could be rejected. We will see what happens...
Trend Analysis
Murcielago312

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