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Jamie's Pick: 01/04/12

Jamie's Pick: 01/04/12

Jamie Saettele, CMT, Sr. Technical Strategist

Yesterday’s top formed within pips of the December high and a short term channel. There are several possible wave counts from here, including a zigzag from the November low towards 10600 or a flat from the December high towards 9860. The SPY study favors the flat scenario. A drop under 10200 would put bears in control until 9860. Until then, support is 10280 and the upside must be respected.

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