$S&P 500(.SPX)$ thoughts: A wonderful 2% decline throughout the week so far, and now nearly 5% off the all time highs. The correction criteria have worked well in signalling risk in advance. I am pleased with this analysis.
As we head into the weekend the index sits at a psychological 5000 level of support. While it is not necessary, the best corrections include a stage where most participants are convinced it has concluded. A rally here towards 5150 I think would do exactly that.
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Macro Trend
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