Agree, close below 9 ema yesterday , and it’s opened just below and being confined at that mark so far ,
but....
Spy also has a gap owed it @ 259+
Then again ....
Spy weekly has a clear reversal candle posted last week in way OB
On the other hand ....
Spy can stay OB for a long time and that reversal candle posted on the weekly chart needs confirmed by this weeks candle
That said....
Spy daily oscillators broke down from OB and booked below it , solidly , yesterday , and generally speaking once oscillators go that far from OB , they usually will go all the way to OS before the move is complete .
So....
I think we see lower by end of week and the weekly reversal candle will appear to be confirmed between now and Friday, but the weekly chart will probably not see a close below it’s 9 ema , rather a close at it or just above with its own reversal candle ( hammer ?) posted for this week, thus negating the reversal candle booked last week, and setting up a move back to test recent highs next week.
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