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Today was the first time in quite a while I saw meaningful reversal in stock index markets. Time will tell if this was the first sign of correction or just another small dip and nothing else….
See mini Russell chart below ( the CME contract) and notice we made a new high and reversed to take out yesterdays lows and close lower then the open
and previous session lows. The action seems to be related to China downgrading the US credit ratings and perhaps sell off in CryptoCurrencies?
We need a bit more follow through to suggest more down side.
