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MESHANL

Market Direction using SPY historical trend patterns

SPDR S&P 500 ETF TRUST (BATS:SPY)  
MESHANL  
BATS:SPY   SPDR S&P 500 ETF TRUST
Chart Patterns Trend Analysis Fundamental Analysis spy500 trend reversal Double Top downtrend market
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chartpattern trendanalysis fundamental spy500 trend reversal doubletop downtrend market
From a technical perspective, there hasn't been a definitive signal indicating a trend reversal for the SPY 500. Back in May to October 2023, the SPY exhibited a clear "M" pattern or double top, experiencing a drop of approximately 5%, retracing back, and then dropping around 10%, forming the M pattern.

If we compare this M pattern with the current price action, we observe a striking resemblance in the market behavior, as the price retraces from a similar percentage drop of around 5%. The question arises: Is the market genuinely recovering, or are we merely witnessing the formation of another M-shaped pattern!
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