Equities are giving up several days of gains in trend-like fashion. News catalysts aside, this should come as no surprise to short-term position traders as US indices were highly overbought. Internals are obviously quite negative, although the VIX remains nearly off its highs. Nevertheless, short of a last hour miracle (which abound in this market), I do expect a somewhat lower close at this time. I likewise will be looking for support in the low to mid- SPY $109 range, which we are honing in on as this goes “to press”.
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