We have basically been rallying from 67 in March to basically 100 last week at the end of July. At some point we will need to retrace significantly.
The rally at the end of July surprisingly closed above several long term trends.
The vix has traveled to the middle of the channel. A good retrace of the SPY would require the vix to travel to the top of the channel. MACD on the vix looks bullish still. So I am expecting a pullback in SPY really soon.
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