In strong market up trends the 21 day ema acts as support for pull backs in major market indexes. This is our line in the sand right now. I am holding a full size $SPY position with the loss of the 21 day ema as my end of day stop. If this 21 day line is lost we could see a return to the 50 day sma quickly and I would return as a dip buyer there. If the 21 day holds we could rally back to all time highs. It is highly possible we open right on that line this morning.
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