It feels like we have a broad even numbers trading range in the S&P now. That range is 1860 to 2040 at the extremes, with a swing point at 1950. The top is in, now it is just a matter of shaking out the late sellers, those that got bearish under 1950, down 9 percent from the top. Those would be investors who don’t believe we have seen a macro top, just thought they would get in a little bearish trade in the short term. They also are part of the crowd that believes we are going back to new highs by the end of the year.
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