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SPY at a critical level

As we can see in the chart, SPY – the SPDR S&P 500 ETF - has entered a bearish channel between its 10-day exponential moving average and the lower Bollinger Band.

In fact, SPY has moved below its 20- and 50-day exponential moving averages since early May, in a bearish path with no obvious support lines.

Our momentum indicator MACD has also depicted this bearish regime and it has moved to a negative territory and of course below its signal line.

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