With the stronger pullback today it looks like the SPX is going to test out the short-term range between 2830 and 2865. Keep an eye on the Stochastic FastK line to see how far it falls and also the Near-Term Line on the MFC to see if it falls below 50 and also if it makes it all the way to 25. Regardless, if either or both of the technical mentioned here fall lower, the support level on SPX should hold - 2830. If it breaks then stronger hedging could be implemented.
Craig
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