Stocks are looking pretty bearish over the past week or two. They have pierced through many psychological, technical, and Fibonacci levels. It looks like the S&P is currently contending with the psychological and technical level of 3200. This is a significant level and whether you are a bull or a bear, keep your eye on it. The bulls can expect a bounce off this level if stocks test it again. The bears can expect selling momentum to punch through. It is difficult to forecast what stocks will do at this point, since the S&P keeps testing and making new relative lows.

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