Time of Truth for S&P

The time of truth approaches for the S&P 500 SPDRs (AMEX: SPY), as we see if it follows through beneath its break of the March-June trendline (152.70) towards a confrontation with the rising 9 and 20 AMA's (now at 151.66/65), which must contain further selling pressure to avert a much more serious breakdown to 149.00 (next target). The ability of the SPY either to hold and reverse back above the trendline at 152.70 or to hold and reverse off of the AMA's at 151.65 will indicate the health or deterioration of the March-June uptrend.
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