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Assessment: To me, the big story is the 10 year Treasury yield. As long as this keeps going higher, the market is going to have trouble gaining any bullish traction…and potentially could see a large scale sell-off around the corner.
Yesterday’s selling volume is SPY was once again higher than any of the previous five green candles that we saw. It shows there is more conviction in selling than in buying.
However, the bulls held the line at $430, so they have the ball. What often happens though is you see a gap down below support, which blows up the support and then bulls see that support as now resistance on a fresh leg down. We will see what happens today as we approach the open and the initial few hours of trading.
Good luck in your trades!