SPY found some supply here, after a such strong rally, breaking downtrend and right above all moving averages, . Market needs to digest this move however this pullback looks constructive with Friday session supportive price action around 8EMA. Maybe price will need more time to consolidate here above 448$ area near 200MA zone before continuation or will pump higher on high demand, will see.
Want to notice that mostly all laggards that tried to breakout on last 3-4 sessions were shaken out on this small distribution, but if the stocks held their bases/setups and will recover in a few sessions, traders can buy them back in portfolios.
Want to notice that mostly all laggards that tried to breakout on last 3-4 sessions were shaken out on this small distribution, but if the stocks held their bases/setups and will recover in a few sessions, traders can buy them back in portfolios.