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- SPX traded in a tight range all day though closed below vwap. Volumes muted at just over 5bln shrs.
- We bought some SPY yesterday and held it overnight. The ultimate target remains 1386 in S&P 500 terms with a stop at around 1345. The weekly chart of SPX below suggests last week’s hammer candle may lead to a little more upside.
- We remain in a dull market and its hard to short such a tape. Never the less we must stick to clear stops.
- Please watch the morning video