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Last Thursday morning, the S&P 500 gapped higher and ultimately had its first 1%+ upside move of the year and its best day since the election.  The catalyst for the rally was what was called a ‘presidential’ speech from President Trump.  In the three trading days that have followed last Wednesday’s rally, though, the S&P 500 has been steadily drifting lower, and at the lows in Monday’s trading had completely filled the gap from Wednesday’s rally.  So far the ‘pre-gap’ highs have acted as support, but they will need to be watched in the short-term as there is little in the way of nearby downside support below.  Going forward, the most constructive scenario for the S&P 500 may be a sideways range to let its short-term moving averages and trading range play catch up.  Is anything ever that easy though?

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S&P 500 Intraday0306171

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