The S&P is in the "middle of the page" currently. It needs to get above 2000.47 to rule out an impulse down, and even then it could still create other patterns.
The point is that it still hasn't broken the uptrend. And while it had every chance to do so yesterday, its internals were too weak to do it. Or, you could say they were too strong.
This morning opened with a large down tick (-1286 per Tradestation). These usually take a while to work off. Still, price is acting as if there is support by buyers.
Also, the 10-year looks like it wants to rally, which could also help the markets.
A drop below 1982.99 could open the door to the previously cited 1970 area.
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