The market has been pulling back for over a week, and many names are getting really oversold. A lot of indicators have cycled down as well. With the SPY coming into the Daily 50 SMA, I would look for a bounce. But be wary. I am only looking for a bounce, not a resumption of the long trend. And it would be perfectly reasonable to have the SPY eventually dip below its Daily 50 SMA.
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