Daily Market Commentary: Good Recovery from Morning Losses
The S&P finished just below its 20-day and 50-day MAs, so resistance at moving averages is still an issue, but the nature of today's buying suggests an upside break tomorrow.
While the Russell 2000 defended the 50-day MA at Wednesday's low while pressuring channel resistance by the close. Watch for a channel breakout tomorrow (it's not going to take much).
Bulls have the edge, but now it's up to them to grab the nettle and break the last remnants of resistance.
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