The Monthly MOTR Checkup Video was published last night, so today's WMR will be brief. In essence, the correction is well underway, and currently very oversold. As indicated in Figure 1, the S&P 500 ETF (SPY) is currently just entering the middle of the long-term (quarterly) Momentum Zone (blue box in chart and table), at the same time traditional momentum indicators (stochastics & RSI, green arrows in lower panels) are quite oversold.
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