Stock Indices Test Important Support And Work Off Oversold Condition

As discussed in last night’s Briefing, the Indices more or less paused today on decreasing volume and increased breadth. This resulted in working off the oversold condition from yesterday. While they closed at the previous day’s low, they are all at extremely important support. Breaking and closing below support has a longer-term impact that could lead to accelerated selling. The first part of the week should resolve the possible rotational pattern or the very bearish pattern. As of today, Market internals continue to weaken.

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