Stock Indices Break Initial Support

The Stock Indices broke and closed below important short-term support. Those levels are now resistance. If the three-step countertrend move is in the offing, then the Indices should not trade much above Friday’s high. If so, the alternate strategy is developing. On the other hand, if today’s low does not hold and we close below it, then we may see an acceleration to the downside. This is a critical time in terms of the next greater degree time and price move.

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