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I'm not a big technical analysis guy, but if you take a look at a 3-month chart on the S&P, you can see clear resistance at the 1460 level:
And since it last touched 1460 on October 17, the S&P 500 is down almost -4%. This marks its worst six day stretch since mid-May.
So the big question has now become "how low will the market go?"
I'd like to take a poll and see where the consensus is on this. So please choose from the following on where you think the recent pullback on the S&P will stop:
2. 1377 (the 200-day moving average)
3. Somewhere between 1300 and 1377
4. Below 1300
5. Right here. We have reached the bottom of this pullback.
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