Stocks have taken another dive and are finding support currently at the 38.2% Fibonacci level, at 3339. The S&P has been slicing through technical levels without a single sign of a bounce. However this is a strong technical level and if this decline is to give pause, it would be around this level. We are due for a retracement, at least a relief rally, perhaps a minor corrective wave in the overall sideways Elliott Wave. The next major level will be the 23.6% Fibonacci level at 3290, which is significant because that would mean we’d have pierced the 3200 handle.

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