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%.
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