Speaking of the five-day moving average, in case Friday fooled you, it’s still downward sloping. Volume is the lowest we have seen in over a month, making it among the lowest volume trade days of the year. If the SPY pivot/ 5-dma can’t provide support (my first premise), I’ll next look to $105.75. Bearish internals aside, I should also note that the McClellan Oscillator is about a day away from going on a BUY — a big if?
[Add: Trend Channel]
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