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Scandex Market Update – June 4

Scandinavian Capital Markets

SPX traded to 3130.94 today. The red line was reached but not the 78.6% retrace. On SPY however today’s high was 313.22, which is the exact 78.6% retrace. Also, a 30 minute volume reversal triggered on SPY (see chart below). This is the 4th such bearish reversal since the March low. The previous 3 were at least near term highs. I’m thinking lower from here.

Scandinavian Capital Markets Review

Source: https://scandex.com/2020/06/04/market-update-june-4/
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