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Equity Market Review
Fundamentally Driven Technically Conrmed
As seen in the chart below, and highlighted by the black arrow, the S&P 500 Index today is breaking below itsuptrend line (green line) that has been in tact since the June 4th lows. This breakdown comes ater trading upinto the 1,360 - 1,375 resistance zone (red shaded linesandarrows) and ailing once more to eclipse it.
There is minor support near 1,325, however below that support level, the next support area is down near 1,307.Given August is typically a week month we would bet the lower support is the best near term gauge as to wherethe S&P 500 is heading
S&P 500 (SPX) - Daily Chart
S&P 500 breakinguptrend line