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Highly unusual day:
1) SPY reverses on a 200++ day. Usually bears continue capitulating like wussies; not today
2) Cobra’s volume spikes don’t produce meaningful bounces [until now?]
3) MiyagiBars are DOWN when they are usually UP at this point
Tick guided down first and best. It just made a lower low; this bounce should fail until evidence proves otherwise
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
daily SPY is in the middle of the bollinger bands so there is plenty of room on either side to go up or down. we are actually entering our 6th week of not touching the upper band. i dont think weve seen such a drought since may-july 2013.
bearish as of SPY 406 on 2/17/23
currently: end bearish as of SPY 406 on 3/6/23