The S&P opened down into a very big support area this morning of 1118-1122, which we have been watching for most of the Summer. We did hit a low of 1127 before bouncing a bit after the 10:00 am ET Leading Economic Indicators. The bounce, though, was nothing to write home about and the market is still under pressure. At this point, most traders are in “short rallies mode” rather than “buy dips…
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