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S+P 500 snaps rebound mode into the monthly close

The recent recovery in the S+P 500 came to an abrupt end into the monthly close last night. Prior to that the index had rebounded from a prior low at 4,953 to a high on Monday, at 5,123. That rebound has been covered here in updates along the way, but it was always deemed to be corrective in nature. It also managed to just surpass a 50% correction of that prior fall, but stalled short of the noted 61.8% correction level, at 5,145. The fall into the monthly close yesterday saw it close right on its lows of the session, at 5,035.69. Today, rising trend support kicks in at around 5,018 and that needs to hold, or else there is a risk of the whole corrective phase completely unravelling. Of course higher US yields and the month-end kicked it in the teeth yesterday and today we get some important US data releases (ADP, ISM and JOLTS) which could add to the downside, or help to relieve it ahead of the Fed policy decision this evening. A comment here on that yesterday; noted that in years gone by, the Fed would be contemplating further rate hikes, not sitting on their hands. That observation is unchanged this morning, for whatever that is worth. The S+P 500 futures are currently pricing the opening for later today, at around 5,032 
 

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