Stocks remain in a year-end holding pattern, meaning they’re getting plenty of support from algos. SPX had a shot at its SMA10 yesterday, but seems undecided between its 2.24 extension at 2703.62 and a backtest of its SMA10, currently at 2675.41. It’s a whopping (sarc) 1% spread which simply won’t make a difference.
Things could get interesting if SPX drops through its SMA10. But, after all the pushing and shoving it took to get here, is that likely?
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