The market is starting to pull back and the naysayers’ voices are getting louder.
The sideways action has turned into downward action and the Bears are letting us know we have a pretty big distance down to the 200-day moving average.
Here’s SPY:
A break to new highs could still signal a big bullish run to end the year but right now we’re heading down toward the SMA.
If we look at sentiment, though, we’ve seen a slight increase since last week. The Fear & Greed Index is still in Greed territory:
And AbbVie (ABBV) has been charging up toward a breakout point for weeks.
Remember, stocks that do well when others are struggling are ones to really pay attention to.
Here’s the chart:
If it moves above $212.85, it would be at new highs and we could see a big explosion.
We’ll keep an eye on it.
Happy trading,
Scott
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