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SPX Update: Looking a Step Beyond Global Uncertainty

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The psychology of uncertainty is a key driver within the stock market.

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The Philadelphia Bank Index (INDEXDJX:BKX) has also overlapped it first important upside level, but not its key intermediate upside level yet. Note that there is a lot of potential energy coiled in the present pattern.


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And finally, a chart which looks at several markets and some key support levels -- which these markets have recently rebounded from:


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In conclusion, there continue to be early signals that indicate an intermediate low may be in place, but we're not quite to the zone where that can be considered confirmed. I think bulls have a slight edge here, but bears could still technically make a last-minute run at it and that has to be respected for the time being. While the short-term update caught the recent bottom quite well (see November 19: SPX, US Dollar, Gold: Charts Point to at Least a Near-Term Rally), I'm maintaining my long-term neutral stance until the market tips its hand again -- likely sometime this week. Trade safe.

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No positions in stocks mentioned.
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