Bears finally were able to get the job done ,SPY broke that 50 MA and manged to close below 50 MA for two days in a row.
Cautionary tell was there, as i kept on mentioning in blogs,underlying action has been weak for a while now via lack of leadership and poor breadth . Piece action finally catching up with underlying divergence.SPY key support at 231.60. Ideally I would like to see that support breaches Monday and quickly recovers for a bounce. If it’s break of support and grinds down then not much support till 130 area.
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