My morning gut feeling is that unless the USD turns up today/tomorrow and gets convincingly over 79, bearish market bets will need to be reigned in. The potential for upside price action has increased. The 200 week MA is now sitting just above 1195. The market knows it's there; we bounced off it back in April.
For the break down to be "real" in my work, the S&P would need to make its way to 1131 . . . quickly.
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