Stock Indices Close At Important Short-term Support

Today’s Briefing outlines the important intermediate-term support and short-term support levels. At the close today, they traded through support and closed below it. This now makes it resistance and it is extremely important they do not close above those levels, if this is the beginning of another leg lower. Volume continued to decline yesterday and today, making the rally very suspect. New buyers are not being drawn to this rally, at least not at this point. Volume on the rally is still very concerning.

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