For tomorrow we are watching the 3810 resistance level on the S&P (SPX) to provide clues of near-term market direction. This resistance zone serves as the low from May 20th and key pivot level from the last leg up in the S&P. We are closely watching to see if the index can close above this area of resistance tomorrow. A strong close above this level could signal a more significant near-term rebound in the market. A rejection and subsequent close lower from this level could signal more bearish price action.
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