We spotted some early signs of a possible correction on Monday and yesterday gave us a really strong warning that there may be more to this current drop. The fed’s comments launch a wave of selling and it pushed the SPY below a key early indicator. Take a look at the chart:

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We saw the SPY looking for support at its 10 day moving average and it broke below that key point yesterday. We are also seeing the curve in the MACD that signals a drop as well. Lastly, the VIX jumped yesterday which is yet another sign that there is momentum to the downside.

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Keep learning and trade wisely,

John Boyer


Market Wealth Daily