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S&P 500 Technical Structure Still Healthy
To inflict initial damage to what looks like another high-level congestion period within the still viable July-Nov bull trend, the SPY must break near-term trendline support, currently at 139.04, and only then will we have reason to suspect that a test of Tueday's low at 138.10 is likely. Otherwise, the SPY remains in a very healthy technical posture, dissipating its 3-session overbought condition ahead of the next upleg projected to 141.50/70.