There is a downtrend on the $SPY this morning that so far seems to be holding strong on the daily.
Prior to today, it had been tested three previous times and held strong perfectly each time. Today it has done the same thing right at the open, and so far, SPY has not managed to put in a new high on the morning in order to break the downtrend.
That could still happen, but until it does, this downtrend that is in place should be respected.
Here’s the SPY downtrend:
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