StockMarketMonk

SPY Minor Correction

BATS:SPY   SPDR S&P 500 ETF
106 1 0
It appears the SPY             needs to take a breather before continuing on with the up trend. The correction is normal and healthy as the SPY             has not fallen by more than 1% since early July. Keeping the bigger picture in mind, the May/June correction of almost 8% was intermediate in significance. This consolidation comes as SPY             tests the May highs. Looking for support around the July 11 gap between 167 and 165 which would be a correction of 1.65% to 2.69%.
I'm new to trading and I really appreciate your analysis. Thank you.
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