Stock Indices Pause For Two Days

As you will see in the Briefing, the Stock Indices have paused for two days. This gives us good short-term support and resistance areas. Today’s trading worked off some of the oversold conditions. Breadth was stronger than yesterday, suggesting a limited decline. However, this does not preclude more aggressive selling tomorrow. The key will be breaking short-term support or resistance. Also, the SPY and QQQ have reached countertrend equality, which could suggest some type of possible bottom, if support holds tomorrow.

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