Just a quickie close-up look at the S&P 500 here.

See the 60 minute chart below.  After falling out of the bear flag on June 1st the index quickly fell 3% and found the bouncable bottom at 1267.  As of this writing we have retraced exactly 61.8% of the move from the top of the bear flag to the lows.  We have also just about filled last Friday’s down-gap near 1309/1310.  This is a decent area of resistance.  If we can power through here its 1320 I am looking for.

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