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Daily SPY bbs still tightening. If price doesn't move much for about another week, the bands will be tight enough to suggest another big move. Then you have two options:
1. Another big rally that would have to push price to a record percentage distance above the 50 dma.
2. A correction.
Odds would favor a correction, imo. The last time the bands got tight, price was pretty much right on top of the 50 dma, which gave it latitude to move either way. Not this time tho.
bearish as of SPY 406 on 2/17/23
currently: end bearish as of SPY 406 on 3/6/23
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vol surge, might see rebound here first but this bear may have legs.
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VIX 30m.. make the diamond a little more symmetrical ... added another line.. should the 50d SMA provide resistance.. as we back and fill to the retest the 20d SMA for the end of quarter/month.. would make the pattern more symmetrical.
well, guess this rebound shall have small legs at least then we'll see if bears are over or not.
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