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Minyanville's T3 Daily Recap: Market Off 2%, but Low-Volume Sell-Off Doesn't Resemble Panic


The technical damage from today's pullback was minimal and all major levels are still intact.

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Major US stock indices finished down around 2% Monday, the most significant pull-back of the two-week rally. However, the technical damage was minimal and all major levels are still intact. Volume was also the lightest in weeks, suggesting that there isn't the mass panic that has enveloped the market over the past two months.

In the S&P, 1190 is last week's low on October 13, which is also near the 25% retracement zone of 1188. If the market holds this area, it would be very constructive/bullish. Bulls vigorously defended the 1200 level in the S&P today. If you look deeper, the 38.2% retracement zone is at 1168, and the 50-day is 1172. This is my line in the sand!

Banks are still a drag and the weakest sectors got hit a bit harder than the stronger ones. OIH closed down 4.3%, MOO down 2.45%, and the XLF down 3.1%

The S&P was down 1.9%, QQQ only down 1.5%, and the RTH down 0.8%. This is why you focus on the leaders and keep managing positions.

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