A Second Rally May Produce a Bearish Structure on $SPY

Despite some potentially bullish technicals noted earlier (here, here), if we get a second rallyΒ that is approximately the length of the first rally, it will produce a bear flag on $SPY. If we get a second rally that takes us materially above parallel rails, it won’t be as bearish.

Just something to keep an eye on as the day develops.


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