This market has a lot of momentum to the down side right now, but that could be all over as of today. The struggle between the bulls and bears today is making this market hard to interpret, but this could be a reversal in the makings. The key setup would be if the market closed flat or slightly up, with a continuation higher tomorrow. This would make me believe control has changed hands from the bears to the bulls. If this scenario does not play out 1055 holds strong support on the S&P cash. The $VIX is also something that I am keeping my eye on, with a base of support now at 20 and a resistance point between 25-26.
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