The SP500 broke the 1040 resistance yesterday. Whether this is a deadcat bounce or the bears waiting to catch breath, time will tell. However for the current bearish trend of lower tops and lower bottoms to change we need to break above 1130. Till then the trend is clearly bearish - with both a death cross (50 day moving average crossing below 200 day moving average) and a pattern of lower tops and lower bottoms in place.
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