The stock market indices had a topsy-turvy session. They were up sharply in the early morning, reaching the session morning highs in the first half hour.
Fighting a credit contraction with more credit is a losing proposition. Eventually, investors are bound to realize that stocks are headed down. Eventually the bear market will resume. And eventually it will come to an end.
The $SPX.X held support of the 200-week moving average, rallied sharply, and is now likely to test resistance at the 20-week and/or 50-week moving averages.
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