One Option Trading Blog http://ift.tt/1O6FbIt Posted 9:30 AN ET - Yesterday the market tested support at $182. That level was breached and we bounced late in the day. This morning, we are seeing follow-through buying from that reversal. The selling pressure has been heavy this week and we will challenge SPY $182 with greater frequency. Eventually, that support level will fail and I believe it could happen next week. Global economic conditions are deteriorating and fear of a credit crisis is elevated. Sentiment is bearish and I don't see anything that is going to turn that around. These early rallies have a tendency to falter. I …
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