Stock Indices Close Below Important Support

On Thursday of this week, the SPY closed below important support. The QQQ followed but closed at its level of support. The price development suggests the potential for another leg down may be developing. Important will be holding below resistance that was support. For three weeks the Market has been in an area of pause or rotation. Closing back above resistance will simply put the Market back in a rotational pattern. Closing below today’s low will suggest the possibility of another leg lower in the making.

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