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Markets by Mike Paulenoff 2/11 - SPY - February Pattern: Rolling Top or Bear Trap?

Monday February 11th, 2019
by Mike Paulenoff

ES (S&P 500 mini-futures) heading into the final hour of trading pressed down to an intraday low at 2700.50, which is 20 points off of this AM's high at 2721.50. Will today's last hour be a repeat of Friday's relentless rally followed by a final 20 minute jam-job?  Or, or in the absence of bullish (easy money) Fed Speak (similar to last Friday afternoon's comments by SF Fed Head Daly), will ES head lower towards a break of 2700, where it will be nearing completion of the two week topping pattern?  Last is 2706.75

$DIA $QQQ $SPY

Mike Paulenoff is author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

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Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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