The S&P 500 closed under the mythical 1500 level today. We also crossed below the 10 day moving average, and the 20 day moving average is within eyesight...the short term bull market faces a tough test over the next few sessions. Looking at the Spyders above, the downtick on today's high volume is worth noting too. It comes the day after a new high, which occurred on less volume than today..therefore, we had more institutions selling today versus buying at the height of the rally yesterday. Could this market be exhausted?
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