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S+P 500 and Nasdaq 100 post negative outside day reversals on Friday

Both the Nasdaq 100 and S+P 500 posted significant, negative outside day reversals on Friday. In this upside I will look at the price action on the S+P. The Nasdaq will be covered in the very next update. So, the S+P 500 opened at a new opening record level on Friday, at 5,164.46. it then advanced immediately, to reach a new all time record high, at 5,189.26. However, the price action that followed saw the index fall to a session low after the European close, at 5,117.50. It did bounce off that low into the weekly close, but still ended well below where it had closed on Thursday (5,157.36). The index closed on Friday, at 5,123.69. This has set in place a significant key day reversal, from a record opening and a record high. It was also an all-engulfing daily bar on the charts too. perhaps if you look at that chart, you will see what I am talking about here. The fact that the index was not alone in the formation of outside day reversal might make it more poignant. So, with that in mind I will move into look at what happened to the Nasdaq 100 in the very next update. Meanwhile, right now the S+P 500 is priced to reopen lower, at around 5,120 
 

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