From a technical standpoint, the market was extremely over-bought (and continues to be), so a pullback like this is very normal. There are plenty of non-normal things about the market right now, but a rapid pullback after a rapid rise is not one of them. If the pullback keeps going it could turn into another story, but it’s not there yet.
Until SP-500 breaks support at 3280, the SP chart will not be bearish. If we break support, then a more severe downside move will most likely to follow.
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