The song remains the same. The words may differ.
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QE ain't what it used to be.
There is a lot of folklore associated with legendary trader W.D. Gann's claim of seasonal significance
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.
As you know, I have been looking for 1430 on the S&P 500 (^GSPC) as a potential major top occurring before the end of August.
The S&P appears to be consolidating at the 1400 level.
The market reacted strongly to the 1379/July 19 S&P square-out, giving a 2-day, 43-point decline.