Stock Indices Close At Important Short-term Support

In the Briefings this week, I have outlined how some countertrend rotations develop. I projected possible stopping points for price development and they were hit exactly on Wednesday. Coming into today, there was a possibility of a greater degree time and price rotation but that was negated by trading and closing below yesterday’s low. While the possibility of continued rotation still exists the first part of the week, any additional downside move in price will suggest a greater possibility of the February 24 low being tested and traded through. Trading above Wednesday’s high will suggest the greater degree timeframe rotation is still alive.

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