The SP500 chopped around near 1225, the area of yesterday's close, from the opening through about 2:00 p.m. Then it lost 20 points in an hour or so, and then chopped around near the 1210 level for the rest of the day, closing at 1209.88.
The theme for the last 6 or so weeks, despite some dramatic daily moves, has been sideways. This has been a corrective pause in the downward thrust that began with the May 2 high. The difficulty is extracting from all this hash the start of the next down phase. Eventually, this will become clear - sometime in the next several days or weeks. In all likelihood, a significant downward move is ahead of us. We just don't know when.
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