SP500 had been in a long uptrend starting from June 2020. During this period, the trend was succesfully tested 7 times. However, that trend has changed after exactly 19 Months. - This was the first sign of weakness in the trend. Additionally, the price-action broke below 200D EMA since FEB 2020. - This is the second sign of weakness. Currently, there is a trading war between bears and bulls, therefore, 200D EMA is tested again to validate a bullish or bearish trend. I cannot judge the direction of the trend based on this analysis but there is an obvious bearish sentiment in the markets.
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Obvious is obvious... Broken trend was the first sign followed by lower highs.