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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 681.86

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4:00 PM EST

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To: Johnny Canuck who wrote (59609)	8/6/2024 2:19:20 AM
From: Johnny Canuck	Read Replies (2) of 69343

I can't argue with the stats but looking at stats without understanding the context is not useful. In 1987 we had multiple, consecutive sell off days with those days being down nearly 10 and 15 percent because no circuit breakers were in place. We do not have that situation and despite the high VIX, the actual value on the close was a 3 percent sell off. This is a high but not extreme range. Does that mean the Fed got the large institutions to intervene or put more money in the system so they could would be interesting to know. Regardless we saw buyers at the 6 percent level which is not the indication of market in panic and therefore a market bottom.

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