We spoke about the need for buyers to come in and support any sell off below 880. That has not happened. Support now becomes resistance.
We are in the midst of a full blown market correction ahead of 2nd quarter earnings. Investors are trying to front run the tape ahead of any bad earnings reports. I am thinking the market should try to hold at least 870, if not it could get very ugly very quick.
Nice Call on the SPX at 870. That level did hold. We will see if your 880 resistance on SPX is lifted.
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