SPY: Rejection of the 100 MA
Bottoming is a process. The last 2 years has conditioned many to "buy the dip" as pullbacks were quickly scooped up as buying opportunities. We reached greater than 5% penetration of the 100 MA during this correction, so history tells us we won't have the V-Shaped recovery many are hoping for. We likely have at least 1 more down leg before a real bottom occurs.
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