"Dec. 8, 2011 could be the mark of a trend change" seems to be confirmed.

11:48 AM update

SPY: I see the 7-th red bars in the hourly chart and I think I need to perusal again Cobras statistic Dec 8 recently.

And pay attention to that EUR/USD hourly bounced from 1.2951 support.
Loaded TNA @39.30

10:17 AM update
Shorted 122.60 covered 122.00. Accept to be a dime picker these day.

SPY daily made a new low in 10 days. The gathering points of MA20 and MA50 (122.71/85) were tested and held, however they are expected to be tested again today. If MA50 cannot hold today, my suggestion:
"The price drop on Dec. 8, 2011 could be the mark of a trend change." will be confirmed.

SPY 30min: The support 123.09 broken and yesterday low was 122.45 showed Bears were ready to increase the selling pressure  at the 125.22 (the high level of resistance). 125.22 could only hold for 45 minutes!
The volatility is expected to reduce when we are coming nearer to the nose of the wedge until we see a break down or break out.

My Trade Setting for 12/14/2011
My basket of indexes is now: EURUSD, CAC 40, DAX, FTSE 100
Bulls: May be in waiting mode.
Bears: Short if 3 of the 4 indexes above are red and pay attention to R/S levels.
Reviewing the Trade Setting for 12/13/2011
Bulls: Buy if 2 of 3 major Europe indexes (CAC 40, DAX, FTSE 100) are green more than 0.00% and the third if sinks, not deeper than -0.25% and SPY opens in green or just in slight red (> -0.25%). => Bought 124.90 sold 125.30 scored 0.40.
Bears: Short if 3 major Europe indexes sink and 2 of them sink more than -0.50% and SPY sink more than -0.50%
Accumulated Score from 11/23/2011: 2.90 + 0.40 = 3.30

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