The bullish setting is under pressure and challenged severely by the fall of EURUSD

10:16AM update
Italy debt cost eased, Europe markets look good, EURUSD is bouncing. I think bulls may get a green light to go.

SPY daily: Doesn't look good for bulls because of this selloff. I dismiss my long target 130 for the week. I tend to think that it was a mark of a reversal.

SPY 5min: Trade zone in combining boxes and symmetrical broadening bottom?

But we may see a different scenario that I will certainly buy at my lowest support level to play the rebound.

My trade setting for 12/30/2011
No more long target 130! Was yesterday selloff a mark of a reversal? Need to watch Europe market.
Bears: Shorts at pullback from resistance box/resistance line of the symmetrical broadening pattern if Europe markets and Italian bond auction today doesn't sound well.
Aggressive Bulls: Long at the lowest level of the support box and hold over weekend if necessary.

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