The SPY $142 level was lost with the move lower this morning. The issue now, as indicated on the 30-minute timeframe below, is whether it is a bear trap with the sudden surge in negative sentiment I am seeing. While it is instructive to focus on the stocks and sectors which are and are not working well, it is also important to not get too carried away with placing much significance on what happens in the market the week between Christmas and New Year’s.

In the meantime, watch $142.

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