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Assessment: Not at a surprise that the sell-off stopped at round number support with SPY closing at $450.13. Given the bulls have ben resilient in this market, I would expect some form of bounce here. The bears cannot be so emboldened as to think they finally have the ball and are going to power through SPY $450 like a hot knife through butter. HOWEVER…if the bears do just that, then we have some mild confirmation that a material trend change is underway. The reason being that we have not seen such action from the bears in quite some time. So, that’s what I am watching today. What does the bounce look like, and if we don’t get a bounce…what do the bears do with it?!?
Good luck in your trades!