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SPY historical comparison, support levels, and the ETF/NAV disconnect

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Wall Street Crash of 1929 is the closest volatility-adjusted match to SPY's price action since Christmas Eve 2018. If Christmas Eve low is broken, the next strong level of support for SPY is around 213.50. This level marked the peak of the 2011-2015 bull market. Volatility in the bond market has caused ETFs to trade well below NAV.

Ned Davis Research | ETF Selection | Highlights | Weekly

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