On Thursday buyers saved the day and gave bulls hope that a bottom was put in place. Typically a high volume save at support does indeed indicate that buyers are taking back control.
The problem is, on Friday prices once again eroded.
Sellers may have been on strike, but buyers did not step into the void and now we have a market that is just falling on its own weight.
We will get the countertrend rally we wrote about in yesterday's report. However, if the SPY breaks back below $85 on a closing basis then that rally may have to start from lower prices.
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