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Yes, the S&P was down again Friday. And yes, that is the second day in a row under the key support level of 1848.
Does that spell trouble ahead?
It could, but there are other interesting clues to consider. Most interesting was that riskier stocks, like the small caps found in the Russell 2000, were actually up +0.4% on the day. That is VERY odd for a market that is supposedly fearful about what lies ahead.
To me it says that investors are not truly concerned about Russia/Ukraine or soft Chinese data. Yet we could head a little lower before a meaningful bounce. Perhaps that is at the 50 day moving average at 1829. Or even 1800. I think investors will need much more meaningful reasons to head below than the current lame excuses.
Conclusion = This is a normal pullback. Bull market still in place. Buy the dips.
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