If Utilities continue their downward trend and the VIX continues the march higher, I believe this pattern will play out.
I'm long term (Don't fight the FED!) but a pullback is needed to absorb the last move. The SPY has lived above the 2nd deviation BB for over 6.50 points.(doesn't last more than 10pts, avg is around 7). A pull back to the mean is expected at a minimum and we usually see the lower BBs. The BB indicator coincides with this charts pattern indicating a move to the $170 level before we march higher to finish the year.
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