Mid-week market update: On Monday, the major market averages successfully tested their 50 day moving averages (dma) and bounced. Does this mean that the correction is over?
Not so fast. There are several indications that the market still has unresolved business on the downside for Monday's test to be a durable bottom. First of all the SPX remains in a short-term downtrend, and the breach of that downtrend line is the first test of this rally.
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