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SPY Arrived In "Trouble Territory"

After the sharp sell-off in Q4 of last year, the market (SPY) started to recover from its lows near 235. And IMHO it is still a "recovery" before turning down again as opposed to a "turnaround" back up.

This weekly chart above clearly shows that the rhythm of lower highs followed by lower lows is still in play and for a turnaround to become a possibility we need, at the minimum a first higher low, i.e., above 235 or a new high, i.e., above 280, to be put into place. 

Either possibility will take both time and strength.

For the time being SPY has just entered "Trouble Territory"

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Original author: Julius de Kempenaer
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