SPDR S&P 500 (SPY)

[Wishthiswasmyjob]

Another item to consider,
We spent 9 days consolidating above the 50, and then breaking below it when JPow said there's not much more we can do/are choosing to do at this time.
One of the bullish points made is, there's so much liquidity on the sidelines...
But that liquidity chose to not buy the 50 day, a highly usual buying spot...
Now that we broke below it, what makes the Bulls feel confidence would have increased?
What will spark an increase? Quarter ending window dressing coming? Possibly...

We know the 2Q GDP was horrible and I don't think the market has truly digested that yet...
How much of a bounce will the 3Q stats show? From the economic news I am seeing, we're not recovering well.
I did a lot of reading yesterday and the picture just seems to get worse...
Economic recovery takes a long time and the balance sheets are egg shells of what they used to be.

https://www.reuters.com/article/us-markets-flows-bofa/investors-pull-25-8-billion-from-u-s-equity-funds-bofa-idUSKCN26G18V?feedType=mktg&feedName=&WT.mc_id=Newsletter-US

https://www.bankstercrime.com/a-staggering-84-of-all-sp500-assets-are-now-intangible/