Stock Indices Test Important Support

The Stock Indices today had a slow grind lower and tested important support levels. They bounced nicely off those levels, but then started another decline going into the close. If those levels are broken this week, we could see an acceleration of selling and price decline. If that occurs, it will mostly be driven by a news event. As I have expressed previously, I expected the January 24 lows to be tested, and if they were, they would likely be traded through. Tomorrow could be a very important day.

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