Stocks traded mostly down today, with the S&P 500 lower by 27 bps. From a technical standpoint, not much has changed. We continued to consolidate within the range of the bearish engulfing pattern last Thursday on the S&P 500.
If the rates, the dollar, and the VIX continue to move higher, then the S&P 500 should move lower. More generally speaking, we should be at a turning point here that results in a filling of the gap at 4,540 to start.
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