Indices Bounce Off Short-term Support

The decline we saw last week was signaled by a breadth divergence going into the highs of January 3. Today, they bounced off short-term support. However, the Russell (IWM) last week traded through important long-term support and that now is very important resistance. Volume continued to fall last week and into today. The Briefing outlines important short-term resistance to watch for tomorrow.

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