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It’s pretty rare to see a V-shaped recovery stop short of new highs. But, it happened Wednesday and again Thursday. What’s more, last night’s ramp job is rapidly unwinding as we approach the opening bell.
Are traders actually paying attention to the news flow? Or, are the algos just taking their very heavy feet off the gas? Regardless, this represents the last opportunity for the various backtests we’ve been expecting to take place without a serious breach of channel support.
The SMA10 is sitting at 2764.52 today and should be up past Tuesday’s lows (2768.84) by Monday. With the pols fumbling the budget deal and the IEA raining on OPEC’s parade, we might just get a noticeable selloff that allows us to tag most of our targets at the same time.
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