Market may be in a narrow band today for consolidation

7:59 PM Update
Some ones may remember my stock suggestion 01/03/2012: CZZ  FNFG  OPTR. I made a cut-lost from OPTR today but I think will make profit on two left. 

11:51 AM Update
Watch for the possibility to form a descending broadening wedge that favors the bulls.

SPY daily looks very bullish with the jump of 1.59%. My indicators reading shows a lot of bullish signs and most of them are not overbought yet. That makes me expect that there is no imminent substantial/big pullback and the price may be contained in box (126.82 - 130.16) for a few days more.

SPY 5min: Watch for a possibility of a bull flag formation (higher odds to break to the upside). The support and resistance boxes may be (126.82 - 127.30) - (128.40 - 128.86)

My trade setting for 01/04/2012
I think any pullback shallower than 126.82 is a chance to buy.
Cautious Bulls: Buy if bull flag or resistance box is pierced to the upside.
Aggressive Bulls: Buy at support lines of bull flag or resistance box.

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