S&P moved down to test support at the lower boundary of its one-week sideway trading range, around 4380, after falling below the trend channel moving average last week. Right now the most important thing to watch is the retreat and rebound behaviors as the support is tested. If the market is going to find a bottom in the near term, we want to see the S&P stabilizes near that level. A failure to hold above it indicated that long-term buying pressure has been exhausted and a much deeper pullback should be expected and we’re looking at the March low, just below 4200
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