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Assessment: We are seeing SPY hold the line at $425 support, but the bulls have had very little in the way of interest in buying it up. It almost seems like the market is being propped up here as institutions dump shares to weaker hands.
Anytime we see a day like yesterday, with above average volume (using 50 day moving average), but price really went nowhere, it is a sign of distribution…a lot of shares traded hands, but there was no momentum in price…and then a day like today we see what appears like the props being pulled out as I type…and the $425 support just gave way. We will see if the bulls can regain it by the end of the day.
Good luck in your trades!