An ugly week but the S&P is nearing support as are social distancing stocks

This week’s equity sell-off was damaging to many charts BUT we also view the pullback as a normal correction form overbought levels reached at the end of the week.

S&P sell-off from short-term overbought levels nearing important broad support band -The S&P 500, along with many stocks, notably cyclicals, were overbought at resistance heading into the beginning of this week. So, while we were certainly not expecting the intensity of Thursday’s sell-off, the S&P has pulled back...

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