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PUBLIC: Ruh Roh…50-day MA finally breached on the close

SPY closed at $234.03 today and that is below the 50-day moving average.  Yes, the 50-day is still rising.  The last close under the 50-day was back in September leading up to the election, culminating in a 2 month horizontal price period ending on election night.  Is it panic time?  Nope.  However, the lines of support I pointed out in late March are one-by-one getting taken out.  We’ve made lower highs and lower lows.  The top two channel lines have been breached and closed under.  Now the 50-day has been closed under.  The next level of support I have is the prior low from March at 231.61, then 227 but falling, then a rising 200 day moving average around 222.50, and finally the lower rising channel line around 220.  There is now a lot of weight on $231.61!  Be careful out there.