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POSITION: Long Healthcare (XLV)

Long anything here is not good. The SP500 is in a Bearish Formation (bearish across all 3 risk management durations): 

  1. TAIL resistance remains up at 1270
  2. TREND resistance (was support) now at 1203
  3. TRADE support is loosely held at 1158 

I think the bulls are trapped for now and have to sell all bounces provided we remain < 1203.

King Dollar is breaking out. The Correlation Crash remains a very relevant risk.

KM

Keith R. McCullough
Chief Executive Officer

Not Good: SP500 Levels, Refreshed - SPX