SPY closed very bullish last Thursday suggesting another run higher; however, on Friday the markets gapped lower, continued in a powered downtrend, closing at the low, reversing Thursday's bullish close.

This was a classic Breakout Failure, which our market internals we have been monitoring gave us a heads up warning on.  That’s a sign of institutional dumping.

The depth of retracement from the post-Christmas low into the drop that started in September of last year, has done a lot to alleviate the concerns of new lows.


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