Indices Reach Important Short-Term Support

Selling continued today. The Indices have all reached important short-term support levels and bounced off of them. Volume increased today and breadth continued to decline. Tomorrow’s trading will be very important. If the lows of today do not hold, then the Indices will likely be transitioning into a greater degree time and price rotation and intermediate-term support levels will then become critical. On the other hand, if today’s lows hold, then the rotation down is complete and upside resistance will likely be tested.

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