With the low-1420’s lost on the S&P 500, the 1394-1400 zone from August is now being challenged with today’s massive move lower.
On the 5-minute SPY chart, below, you can see that we are off the lows, but still far from being in gap-fill territory above left from the opening bell. In other words, we are at a momentary standstill in the battle and this mess will just need to sort itself out before we can get a better read on the situation.
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