Lot's of fuzz in the "social investing media" about the broken SPY trend line that, well, is just a darn trend line after all. The advance this year has been quite steep and without much pullbacks so it is about time to get a different tune.
There is though some points that should be pointed out:
1) the current decline differs from the previous since it is a) declining on bigger volatility and b) bigger volume
2) the pattern also differs since it has formed a lower low on the spike down
SPY is only down -2,3% from this year ATH. The dip today was so far bought, not as strong as previously but still. The interesting part will be at the beginning of next week; will this "bottom" hold or another lower low on the chart.
There is though some points that should be pointed out:
1) the current decline differs from the previous since it is a) declining on bigger volatility and b) bigger volume
2) the pattern also differs since it has formed a lower low on the spike down
SPY is only down -2,3% from this year ATH. The dip today was so far bought, not as strong as previously but still. The interesting part will be at the beginning of next week; will this "bottom" hold or another lower low on the chart.