S&P Could Shift to Low Level Consolidation Phase

S&P broke key support last week. When strong support is broken it means that near-term buying pressure has finally been exhausted. A deeper pullback would be constructive in that it would generate oversold conditions within the framework of the long-term uptrend. While there seems to be room to go lower, we expect market to shift to an orderly low-level consolidation period prior to new downswing

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