Stock Indices Trade Lower In Corrective Pattern

The Stock Indices traded lower today. However, the pattern is a typical three-leg countertrend move. Additionally, volume was not significantly increased, suggesting it was not an impulsive move. Breadth was extremely weak, which allowed the Indices to continue lower throughout the day. The Briefing outlines very important support and resistance levels for Monday. This rally off the June low is simply not impulsive and seems to be tiring. If this is the beginning of a greater degree move lower, resistance levels should hold. If not, they will likely be broken early next week.

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