Pre-Open Market Comments – Monday

The SPY is going to test horizontal support at $444 from March 23rd. We have touched that level a few times and a breach below that level will trigger sell stops. The down trendline that started on March 29th is still intact and the SPY is below the 100-day MA and the 200-day MA. That suggests that we should favor the short side. The S&P 500 is down 25 points before the open today.

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