SPDR S&P 500 ETF Trust
Short

This trade is more crowded than at any time since 2019.

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On-balance volume keeps rising, but at a slowing pace. Along with a small bearish divergence, this shows few new entrants. Still, they’re all bullish. And if you look at the OBV level, this trade has never been so crowded since, at least, 2019.
The market can stay irrational longer than… yes, we all know the line. But when this one falls, it will look like a giant avalanche.

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