Whipsawed today. Look at the attached charts.
The SPY broke down on the daily and then bounced with volume and conviction at the weekly 50 period moving average. The battle lines are drawn and as long as the SPY stays above the 50 week moving average, I will rebuild long exposure.
If you were nimble enough, you were able to catch the bottom today and start that rebuilding early. Once the SPY climbed above the intraday 50 period, it was off to the races.
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