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The main issue with the SPYs is their sell-off to the 61.8% Fibonacci level. It never ceases to amaze me how important those numbers are.
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The daily chart shows the SPYs are in a rally, but the bars are pretty weak. Ideally we would like long and strong candles -- that is, candles that are tall mostly filled. That would indicate prices opened low and closed high and probably maintained that momentum throughout the day. The bars on the chart are a lot weaker and just don't inspire a lot of confidence.
