The chart of SPY does not look good for the bulls but its only one day so we will see how things develop. Trading volume was also heavy adding strength to the downward move. Other market ETFs were also in the same scenario.
Note to that SPY is having problem overcoming the 50% fib lines for a while and if price break below 100 and specially below 95 this will signals the bears are gaining momentum. I'll be watching these levels of support refer to the weekly chart below.
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