The US equity markets adopted a bend but don’t break mentality this week by swooning on Thursday before recovering a substantial portion of the losses on Friday. As evidenced on the Daily SPY chart above price held the rising trendline on Thursday and, depending on your approach, put in a nice Daily Buy Signal on Friday.
Going forward, watch Friday’s low down to around $207.00 for Support in the SPY. If we can hold above that level, look for a fresh assault on the all time highs in the near term.
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