S&P 500 Technical Update
A sustained move above 1370 would neutralize the situation.
In fact, the atmosphere became so bearish that the futures flushed down into the 1340s. This "flush" eventually led to a strong rally in the futures that has carried over to the cash index today.
Near term, it appears that the bears got a bit too eager, too soon. But the markets are still volatile and the bears are still clinging to control. A sustained move above 1370 would neutralize the situation. Watch today's action and closing print.
Remember to block out the noise and let the levels do the talking. Define your risk.
Editor's Note: Andrew Nyquist is an independent investor based in the Minneapolis area. This article originally appeared on his investing and economics site, See It Market.
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