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Takeaway: In other words, the market is now bearish TREND.

The stock market is not the economy. Growth and #EarningsSlowing has not changed; the markets re-rating of those economic risks have.

Across our core risk management durations, here are the lines that matter to me most:

  1. Immediate-term TRADE resistance = 1426
  2. Intermediate-term TREND resistance = 1419
  3. Immediate-term TRADE support = 1404

In other words, the market is now bearish TREND. What was support is now resistance. If TREND resistance remains, long-term TAIL support of 1354 is in play.

Risk moves fast,

KM

Keith R. McCullough
Chief Executive Officer

Bearish TREND: SP500 Levels, Refreshed - SPX