Stocks Attempting Recovery
The S&P 500 has gained momentum, breaking past the 0.618 Fibonacci level. We are meeting resistance at a cluster of levels in between at 4431, which was rejected, and we have been sold back down to support at the 0.618 level at 4417. Momentum does look weak, so anticipate resistance to continue until we have some clearly defined momentum come through. If so, we could easily make a run for the 0.786 level at 4448.
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