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Market Hits Bottom of Trading Range

sp-500-boxed2

It was one of those days.

News of a slowing economy in China sent markets around the world down today, and you can see that we dipped slightly below the bottom of the trading range as depicted by the green box but were able to close just above the critical 1040 level.

Tomorrow will be a key day as we won’t have news on unemployment until later in the week, so absent news to drive the market its in the “hands” of the computers trading programs that have been whipsawing the indexes of late.

I’m going to be reviewing some market scans tonight to see if anything presents itself that would lead me to change my mind that the start of earnings season next week is the real key to the future of the market.