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If bulls are able to test the blue line above then a breakout is very likely.
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Bulls be warned. The current candle pattern can trap bulls. An example is february 25, 26, and 27 of 2015. three red candles in a row. Super bearish. Then you got the big white candle to trap a slew of bulls the next day. Then it was even higher for a while the next day. Then the bottom fell out. Over the next week you got three huge gaps down and bulls were crushed.
I sense this happening again. Bulls about to get trapped with the action the past couple of days and then we're gonna gap down next week multiple times.
All my just opinion
bearish as of SPY 406 on 2/17/23
currently: end bearish as of SPY 406 on 3/6/23