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Looks like SPY might be entering into a upwards channel but...

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SPDR S&P 500 ETF TRUST (AMEX:SPY)  
TheForexWatch  
AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Chart Patterns
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trendanalysis chartpattern
So this is the 3rd time the SPY is touching resistance a long our top line here. From here i see 2 lines of support it could attempt to make a bull flag on, and continue its way up. If both of those 2 blue lines fail we could see the SPY coming back down to 265-270 and forming the upwards channel. Currently would be a good point to open a short or put option !
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