W Reversal

W Reversal

If SPY holds higher than 104.27 here then a strong W reversal will be in place and I expect SPY to climb for the remainder of the day. However if SPY drops lower than 104.27 then SPY is possibly headed to 102-103.

I have been combing a lot of stock charts this morning and most stocks look like they can drop further and aren't terribly great buys yet. This indicates to me that the stock market may drop some more.

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