Last week the S&P chart started to show signs of weakness breaking through the 2 year support line. With record leverage in the market, only 37% of NYSE shares above their 200 day moving average and the Russell 2000 now trending lower fears are rising. The strong payroll data on Friday brought a sudden spike in support, but the S&P must hold above the key 1905 level and break above the 2019 peak for the bulls to regain control.
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