In fact, I have yet to find a good indicator for timing a peak/pullback during a strong uptrend.
Thursday’s decline amounted to an outsized loss. The 5.07% loss in QQQ was the largest since the 11.97% decline on March 16th, while the 3.44% loss in SPY was the largest since the 5.77% loss on June 11th. An outsized loss is like a hard right to the jaw. While it may not knock the bulls out, it is enough to destabilize the market for a period.
SPY stumbled for two to three weeks after the June 11th decline. This implies that a correction needs some time to run its course.
FROM ART HILL
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