Stock Indices Sport Bearish Price Pattern

As you will see in the Briefing, the bearish price pattern I have discussed is still valid. In fact, today’s trading may have increased the probabilities of a decent move lower occurring. Yesterday’s rally through a curve at us, but that was quickly retraced at the open this morning, increasing the validity of a possible bearish move. Unless or until upper resistance is traded through, I expect lower prices. However, there is a Fed meeting next week and that certainly has the perception of changing the perception of value on the part of traders, or it will exacerbate the bearish move.

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