Another weak open (weak consumer confidence data and UPS) which precipitated lower lows all round. The recovery off of the lows was encouraging, leaving us a doji on the daily which could signal a pause or indecision at these extreme oversold levels. On the daily we tagged the 50% Fib. retracement of the March - May rally.Tomorrow's FOMC policy statement at 2:15 might stir things up, but prior to that we have durable orders (8:30), new home sales (10:00) and crude inventories (10:30).
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