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July 27, 2016

© David H. Weis

The S&P slid under the lows of the past seven sessions but failed to accelerate lower
or attract heavy selling. The narrow band of trading that has now spanned ten sessions
provides few clues about future direction. So far the impact on the market from
earnings and the Fed meeting has been minimal. As I said on Sunday night, the position
of Friday’s close may help resolve the conundrum. I do see that ten days ago the market
was overbought and the lateral movement has served to remove that condition. I’m still
betting on higher prices.

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