BTIG WARNS OF “BUYER EXHAUSTION” IN SPY

BTIG flags a potential buying-climax signal after SPY posted at least six consecutive gap-ups into a 52-week high, followed by a gap-down of more than 40bp.

The setup has occurred three times recently — July 2024, August 2025 and October 2025 — followed by immediate peak-to-trough declines of 9.7%, 3.0% and 5.4%, respectively.
(@WalterBloomberg)