SPY pulled back for the 3rd day in a row on Friday. The action also qualified it for the study.
"Rate of decline" simply refers to the fact that the losses have been smaller each of the last 2 days on a percentage basis.
Unfortunately the study is not being confirmed by the SPX, which closed up slightly on Friday. It will be interesting to see how it turns out, but I've discounted the study in this instance due to the SPX non-confirmation.
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