The Goose is Loose

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Returning tot the 30-minute chart of the SPY that we have been watching closely over the past two weeks, it is apparent that the bulls “gave up the goose” this morning. After yesterday’s progress, the fact that we have seen a swift move lower giving back all of yesterday’s gains and then some does not necessarily indicate that a fresh leg lower is inevitable. It does, however, most certainly mean that the market needs more time to heal from the most recent correction off of 1370 on the S&P 500.