Biggest red day of the year for SPY as stocks tumbled all across the board.
If your are a regular blog reader, I have been writing about how indices were masking underlying weakness in many individual names and sectors.Narrow leadership in stocks and sectors as market breadth( Number of advancing stocks vs. number of declining stocks) were continuing to deteriorate. SPY closed below both 9 and 20 day short term momentum moving averages ,Friday and Monday without any bounce attempt All those divergences finally caught up with indices with this strong sell off. Many eyes will be on SPY 50 MA. Game plan will be if market has another gap down open, I’ll be watching for some dip buys. If market opens green, I’ll be watching for potential green to red short plays.
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