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On cue, the U.S. market saw a breakout in stocks this week, placing the bears in control for now. Late Tuesday, the SPX 4,300 area was reached, which has allowed the bears to plant their flag that we may be heading lower into the close of the year.
In the short term, the market is oversold and due to bounce, and the strength of that bounce will tell us whether the weakness of the past few weeks is a fake out before the breakout in stocks or it is telegraphing we are heading south. For the bulls to have any hope, they better reclaim the SPX 4,400 area quickly, or the rest of 2023 could get interesting.
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