TLT looks a little strange, the intraday charts from 1-3 min looks like it wants to roll over, but at 5 min and beyond, it's still strong.
I don't know if this is SPY arbitrage, perhaps someone wanting to buy TLT at a lower price or something else, but it's not heavy distribution as the 5 min chart is positive, it's migrated though, through the intraday timeframes.
Remember TLT dropping supports the SPY via Arbitrage
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