Has The Correction In SPY Started?

The SPDR S&P 500 ETF Trust SPY may have sent an important message Wednesday. 

Most of the time the action in the stock market doesn’t say much. These are days with low volatility and low volume. Traders usually stay on the sidelines on these days.

But sometimes the action says a lot. These are days when an important level or trend breaks.

Yesterday may have been one of them.

The $423 level is important for SPY. It was resistance from May 21 through June 12. Then SPY broke through and $423 became a support level.

But yesterday SPY broke this support. Many analysts think the market is overdue for a correction. The SPY may be saying it’s starting.