We are back near strong support at 1040. But the action hasn't been that strong today despite the snapback rally off the weak new home sales number. With jobless claims coming tomorrow and with traders expecting another weak economic number, I don't see the market doing much today. I still like the risk reward on the long side, but I will have to lower my target price because the market is weaker than I thought.
If we are going to rally, it will likely have to be done on Thursday and Friday.
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