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Tuesday's Update

Tuesday, June 30th. - Stock Trends, Charts, and Commentary
                                             (*** If you see last week's Tuesday Update: Click Here)

Update:  Danger area for the SPY ...

This morning, we are posting the long term chart of the weekly SPY.  The reason for posting it is because of yesterday's drop which took the weekly tick to under the rising wedges's support line. 

Fear levels are rising and Greece could end up defaulting today.   Therefore, be very cautious as we approach the weekend.

From yesterday's posting:  Note the pattern that the Weekly SPY chart is showing below.    The pattern is called a rising wedge because it becomes narrower as the market moves higher.   This pattern keeps moving up ... until it fatigues and breaks to the downside.   This particular pattern historically has had sharp down moves when the pattern finally ended.  Note how the SPY is very close to the support line ... this is a high risk area. 

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