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Stocks ended the week touching the 200-day moving average and pulling back from it. Just above, in the $202-$204 area lies a big gap down from the first trading day of this year. This are should now act as resistance. SPY moved over 11% off the 52-week lows set in February, so it’s a no-brainer that it is now overbought. An overbought condition within a bigger downtrend is a recipe for a push lower.
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