Whereas the Russell 2000 ETF (IWM) shows a series of lower highs and higher lows ââ,¬â€œ a sideways contraction pattern ââ,¬â€œ since the mid-June lows, the SPYââ,¬â"¢s exhibit higher highs and higher lows ââ,¬â€œ an uptrend pattern. The former is neutral to negative in direction, while the latter is bullish.

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