Trading Range Likely into 2Q; Pullback or Retest Expected

The S&P 500 index stalled in an almost perfect text book reversal from heavy resistance at its 200-week sma near 2340 this week, that is, a rally to resistance at the 200-week simple moving average, and then a pullback.

The challenge for investors is to decide whether the late March bounce was merely a bear-market dead cat bounce, with lower lows likely, which is, understandably, a view held by many. Or that it was likely the early stages of a bottoming process, the view I outlined her...

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