The cash S&P500 has essentially moved sideways over the past two days. Wednesday was uptrending and yesterday was an “inside” day. The price action has caused Tuesday’s low of 1435.65 to become both a price fractal and a CIT.
Of encouragement to the bulls is that the market is holding at these levels with the RSI indicator holding above the 40 level. This is what you would want to see if we are transitioning back to a bull market.
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