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The market is starting off the week, down and with some vigor- futures are down over a 1%. This early selling has caused SPY to dip below its 50 day ema and support at 137.05 but more importantly SPY has broken its bear flag pattern. If the pattern continues SPY’s measured move is to 131.66, after SPY broke the flag at 137.66. A more realistic and safe drop area is the unfilled gap at 132.55. The Dow Jones has a similar pattern, using DIA the bear flag that forms has DIA dropping to 125. The weakness should not be to much of a surprise, since additional weakness in the market is common after NYMO drops below -100.
