We’ve seen plenty of potential upside reversals fizzle out of late.
On the 5-minute SPY chart below, the bulls’ best chance here is a higher low that springs up into the bell today. Elsewhere in the tape, there is a major battle going on in the financials, just above the XLF $15 level.
You can see dip-buyers trying to make a stand here. So I think the close today will be exceptionally telling as to whether a washout is coming, or instead a grinding halt to the correction looms.
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