The SPDR S&P 500 ETF Trust (NYSE:SPY) has finally broken the uptrend line its formed this year.
Since January, the SPY has tested or traded close to this uptrend line on numerous occasions. Each time it bounced back and the rally moved ahead…but not this time.
The SPY seems to have finally broken the line. This is a graphical illustration that the bears may be about to take control from, or at least equalize with, the bulls.
It could mean the market is entering a period of sideways trading. It could also be an early signal that the long-awaited for correction is finally starting.
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Photo: Magda Ehlers from Pexels