The S&P 500 finished strong and closed just under key resistance at 1200. It is impressive we were able to take on some minor gains to yesterday’s big oversold bounce. The setup for a move through 1200 looks promising. After a reserve rate hike in China the Shanghai Composite closed up as the news was priced in. I would not be at all surprised to see a bounce in Asia this weekend. The current recovery could gain further momentum as the holiday spirit takes hold.
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