The Fred Report - Mid Week Update March 9, 2022

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It is possible that Tuesday’s action was “pumping the brakes” and a setup for a rally. If this is the case, SPY could still challenge the 440-area. If we do not see a rally attempt here, then it is likely we drop sharply and test the 380-area on SPY. A break of 35 on XLF would target the breakout at 30. A move back above 38 would repair this chart.

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