The bulls were doing a pretty good job of defending the 50 day MA. But today we closed very near the lows of the day at 1325.76. 1325 is a pretty strong support level, but if we get much below it, 1300 is the next logical support level. The VIX never exceeded 26 today, showing a lot of complacency, so we could be in for more choppiness. Notice how we were oscillating around the 50 day MA area, about 1340 for the last couple of days. This finally broke down this afternoon, which makes me short term bearish.
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