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“Indecision may or may not be my problem.” – Jimmy Buffett
After a couple of good days where it appeared as though the market was putting some of the September headwinds behind it, it looks as though equities will close out the week on a down note causing a rally sandwich on a loaf of weakness. If the S&P 500 closes at current levels indicated by the futures market, we’ll finish down for the week and back below the 50-DMA. The Russell 2000, however, is still on pace for a positive week provided current levels hold. Thursday’s rally back above the 50-DMA for the S&P 500 was a moral victory for technicians, but if it doesn’t hold today, it will mark the second straight week that the index closed below its 50-DMA.
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As for where the major averages stand heading into today, the Russell 2000’s sideways consolidation range remains intact and barring further weakness during the trading session, its 50-day moving average should continue to hold. The Nasdaq 100 and S&P 500 are another story, though, as both of these indices are on pace to open below those levels today. Technicians consider failed attempts to retake the 50-DMA to be a sign of underlying weakness, so that will be a trend to watch going forward.
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