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Steady as She Goes Captain, But Be Ready to Engage

Despite an endless parade of anxiety-provoking headlines about trade talks and the global economy—is it slowing?—the technical background for the S&P 500 index continues to track my expectations

I believe oversold lows will likely develop fairly soon at important technical support near 2800 on the S&P 500. Action in the short-term 14-day relative strength index (RSI) momentum indicator, which is helpful in timing 2-3-week swings in the market, backs up my expectations for an oversold rebound from current levels.

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