For the entire month of June, SPY has slowly drifted downward to settle in right at the 50 dma. Folks can dream up a whole slew of things that are behind the decline, but from a volume perspective the reason is simple enough… lack of accumulation. Oh, the bulls have racked up a couple of impressive greater than +50% volume days (6/23 and 7/5), but neither had all the indices on the same bullish page. It seems like the bears are only now just realizing that they’ve had control of the ball all this time. At this point, though, big institutional buy programs already have their sights set on the 50 day, along with a slew of economic reports (and a Fed testimony) this week to help get their ball rolling. -MD
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