Modestly Negative

Basis our late post yesterday we are a little short within a trading bottom formation. The range for SPX that we mentioned yesterday, 4450-4650 is still in play. We will be pulling the short leg of our trade when SPX tests the 4450 -4500 area.

We will let more data develop before we post our ideas on what a breach of the 4662 SPX level implies.

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