Will the Market Drop Again Today?

The SPY is resting just above the 100-day MA. Here are my thoughts.

PRE-OPEN MARKET COMMENTS WEDNESDAY – Yesterday the market dropped below the upward sloping D1 trendline that started from the low of the year. The selling pressure was steady and the volume was decent. The 100-day MA was tested and it held. If that moving average fails, we can expect another round of selling today. The PPI Friday and the FOMC meeting last week has traders favoring the short side.

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