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Mkt Stress-Testing Key Levels; Needs to Hold at 2346-2414

The Standard & Poor’s 500 index (SPX) is stress testing an important technical support level between 2346-2414, near the lower end of the cycle lows in 4Q18 at 2346. The upper end coincides with a 62% retracement of the 2016-20 bull market at the 2414 level. An inability to hold those levels would open a risk window for another downside move with next support close to 2100, or the upper end of the 2015-2015 range highs.

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