SPX 2703 was the last line of defense for the seemingly endless rally from the 2009 lows – the yellow channel below.
The futures were all set for SPX to open there in the morning…until Trump’s address, the NBA’s cancellation and Tom Hanks announced that he and his wife have the coronavirus — all moments which suddenly made the virus very real to many people who were willing to pass it off as just like the flu.
Unless stocks climb back to flat by the close, the yellow channel is no more…
…and things are likely to get very ugly.
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