Actually today's market action wasn't a surprise, as yesterday I mentioned that the volume had dried up and that the SPX was consolidating and having problems breaking above the 20 and 50 day moving averages in addition that it had bounced back too fast after last week's crash and was in need of some rest, despite all the uncertainty between traders the S&P managed to close the week up 2.23%
How nice is to see the technicals working, as the index closed right at support at 1135 which coincides with the 61.8% retracement of the bounce.
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