The S&P is holding below the 200-day but above Thursday’s gap open. This makes for very choppy trading. Traders want to buy a dip, but being early can be painful. Patience up here is key. We have a new point of reference with today’s low in the SPY of $126.70. The Gap from 10/27 starts at $125.96 and gets filled down to $124.30 (staying above this gap or only a partial fill keeps extreme…
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