2011/06/10 Watch out for long-term entry opportunities

The weekly chart of the SPY shows that this week the S&P 500 has dropped below two major long-term support lines, dating back as far as 2009 and 2002. It is now up against heavy overhead resistance. Price action during the next few days will therefore be crucial, not only for the S&P 500 but also for many world markets (see earlier DOMINO posts). So stay on alert for price action in either direction. Good entry points for long-term trades are created at such crucial decision points.