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Prudent Investors Pay Attention To Canary In Coal Mine – Oblivious Momo Crowd Supporting The Market

Benzinga ·  Jun 18 23:06

To gain an edge, this is what you need to know today.

Canary In The Coal Mine

Please click here for an enlarged chart of SPDR S&P 500 ETF Trust (NYSE:SPY) which represents the benchmark stock market index S&P 500 (SPX).

Note the following:

  • The chart shows that the stock market continues to move higher.
  • On SPY, $550 is the magnet for short term traders.
  • The chart shows that the market is now significantly above the support zone. This illustrates that in the middle of the AI buying frenzy, if the momentum turns down, the momo crowd that is buying...
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