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Equities/Testing the Breakout Point *PIC*

Using the ETF:SPY that represents the tradable $SPX one can see price typically broke out above the early May/2011 high double top of 1372 and classically pulled back to this breakout point. Nothing unusual about this. So far no damage has occurred and the chart is still bullish. Note everyone and his dog is predicting a selloff of some magnitude. ( I also believe this) BUTTTTTTTTTTTT until that uptrendline and more importantly the breakout point breaks down the S&P is still in a strong bullish uptrend. All the predictions in the world can't change that. Bottom line: Watch the breakout point to hold as support or fail to suggest the next direction. And we are at the turning point in here presently with price bouncing off the uptrendline now.

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Equities/Testing the Breakout Point *PIC*