9:00am (EST)
Volatility can cause chaos and confusion and with the whippy action we have seen in the market over the past few weeks it’s important to ignore the noise and focus on the technical picture. Wednesday’s pullback was the first time this year the blue-chips have fallen for 3-straight trading days and the S&P 500 Volatility Index ($VIX, 18.59 up 1.52) closed above 17.50 for the first time all year.
We have talked about recent streaks and we mentioned yesterday’s close needed to be watched carefully. We had a good feeling the bulls would struggle holding major support levels and it remains to be seen if there is going to be further damage or another bounce off the lows. The trading ranges got stretched last week and there was some dip buying but the bears are once again thisclose from making a huge statement
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