SPDR S&P 500 (SPY)
Since early of last week we were expecting that the indices are due to correct, today the SPY hit 181.48 which is 4.3% off the highs, in this level the RSI shows an oversold condition so we could correct to the upside.
As far as we are still trading inside the channels (look at the chart above) I would be expecting more downward movement, actually I wouldn't be surprised if the SPY correct to the February lows and then I believe it will resume its uptrend.
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