Last time momentum did this, SPY fell 15%- Spooky pattern? Not yet!

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The S&P 500 is at the top of a 22 month channel and could be creating a bearish wick this week. That in and of itself is NOT spooky for this key index.

What investors need to pay attention too is diverging momentum, as it makes lower highs, with SPY at resistance. The last time momentum made lower highs at (2), SPY fell over 15% in a few month.

This would only get "Spooky" for the S&P 500 if rising support would break, which has not at this time! 

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