QE ain't what it used to be.
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Sentiment is very bearish and there has been enormous arbitrage at the 1400 level.
On the 7th day from the signal reversal bar on August 21, the S&P 500 (^GSPC)/SPDR Trust (SPY) gapped down and continued down.
The S&P appears to be consolidating at the 1400 level.
It seems like the entire investment world is waiting for the Ben and Mario Show.
The market reacted strongly to the 1379/July 19 S&P square-out, giving a 2-day, 43-point decline.