An ugly day as the market gaps up, pushes a bit higher, and then gets cracked wide open. Volume came up and breadth was pretty Bearish.
The S&P 500, Dow and Russell now look headed for their respective 50 day moving averages, and the NASDAQ looks headed to the 200 day moving average. My opinion has not changed, I still believe we will try for new highs, but we are in the midst of a correction.
Watch for 1477 on the S&P AS SUPPORT- 50EMA
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