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What needs to happen to gain conviction in this bounce

This week’s bounce has now carried SPX up 1% again, now its fourth consecutive day of 1% gains, and prices have moved right near the 50% retracement of the entire decline from early January.  While this rally was expected based on cycles into the March FOMC meeting, it’s difficult to chase gains above 4450 given intra—day overbought conditions.  Structurally this rally has broken above early March highs, which was thought to be a positive.&...

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