Daily Market Commentary: Stalling Action
The S&P finished with a narrow doji on the 200-day MA. Volume climbed to register a churn day, but not necessarily bearish.
We have a tentative higher low for the indices; if the mid-July reaction low for all indices can hold there is a good chance the early-July 'bear trap' is going to mark a bottom perhaps lasting the rest of the year. It won't take much for bulls to create a new higher high so the ball is very much in their court. But for the next couple of days look for lower prices.
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