Hi Folks,
We pulled back around 2.7% this week from the highs. That is in the range that I was expecting. So now what? My sense is that we are going to struggle again. If we fail this time, I expect it to be a bigger failure and a bigger sell off. The trend line that has been in place since the 10/4 lows is still intact and is what I will be watching. If we break it I think we could hit 129 in terms of SPY over the next 2 weeks or so.
Thanks and Good Trading,
Tim
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