Selloff from Multi-Week Halfway Back on S&P
Updated
Morning S&P Update: Same draw as the YM (Dow) last night. Sell off from All-The-Way HWB happened in Europe. But, look for rebounds as Friday's tend to be range bound. Locked between two 50% levels? Only a move below 2800 will enable a deeper selloff. Otherwise, bounces may encourage the bulls back to the these levels.
Note
It did what we thought it would do. It roared back off the HWB long after Europe closeand closed near the short levels. Euro traders thinking they had a good position will be assessing and it wouldn't surprise me to see a gap on Sunday night higher. Look to sell as we approach 61.8% level and keep an eye on that vol index.
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