The market has been testing this support level all week. If it is breached we have to respect the breakdown.
PRE-OPEN MARKET COMMENTS FRIDAY – The market is testing major support this morning at the up trendline that starts at the October low. This is also the 50-day MA. If that level is breached, we will test the SPY $390 level. That is the 100-day MA. If the market tests this support again and it closes well above it today, we can expect a bounce. This is a key technical price level. That means we could go either way. The good news is that regardless of the outcome, we should have some decent action today and next week.
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