Stocks Still Headed Towards Value Level

While the technical indicators have not turned back down yet, the bounce period is getting old in the tooth and sell signals are looming.  Macro indicators still point to a decline to the value area mentioned before.  No doubt asset managers have been trying to hold the market up through the end of the quarter numbers and so far have been successful.  The risk is:  if this market does not hold at the recent lows, they will chase each other to the bottom, a little under 900 on the S&P.

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