S&P Turned Indecisive near Key Level

S&P turned indecisive near key technical resistance. Our near-term technical bias on the index favors a short-term consolidation. A struggle to move significantly above key price level means that long-term buying pressure has finally been exhausted. On balance, we remain near term neutral/negative for S&P as we believe market vulnerable to some downside retracement over the short-to-intermediate term

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