The stock market indices suffered a historic setback today in terms of the technicals, and in terms of points it was quite nasty as well. There was a huge gap down at the opening, followed by a short consolidation, which was followed by more selling.
Based on pre-market futures action, the S&P 500 is now poised to open about 1% below its 200-day MA. The ability or inability of the index to recover and close above its 200-day MA in today's session will have a pivotal role at determining the market's next move.
China has become a nation of entrepreneurs and risk takers. It resembles the US in the 1920's -- before the country was taken over by corporate managers and political mandarins. China is a good place to make money.
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