We saw the S&P reverse yesterday by almost 3% in one day! Not only was this a key day reversal/a bullish engulfing candle but the fact that we are seeing this market charting that kind of reversal from such a key zone on the chart is we think critical.
We have the 200-week ma, the 55-week ma and long-term Fibonacci retracement all coming in around the 35000 level and the low this week has been 3491.
If you have been selling this market, you might want to take those profits because I think this thing is going to bounce!
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