SPY Breaking Major Long-Term Support
Listen, I'm not some doomsdayer, or person who tries to call the tops in the market. I take what the market gives me and as a result I have been long on this market for well over a year now, and hardly ever find a reason to short it.
But today is a bit of a game changer.
We break the 50-day moving average yesterday with the follow through today.
Then we break the long-term uptrend off of the November lows.
Which also coincides with a bearish wedge that has formed over the past few months.
So there is a lot to be bearish about - see for yourself:
Here's the bearish technicals of the SPY: