The market dipped below the psychological 2800 level, leaving a poor low at 2798.25. Failure to find acceptance back above the late rally high and value area high from Monday could lead to a retest of the 2800 level and the poor low. A short covering rally above 2812 could target the excess at Monday’s high, potentially the excess single prints and upper distribution low from Friday’s selloff.
Tuesday is the last trading day of the month and the beginning of the two day FOMC meeting. The volatility events for the week will probably be on Wednesday at the release of the FOMC minutes and the release of the monthly jobs data on Friday. The prior weekly low is at 2796.00. The market has been one timeframing higher on the weekly chart for the past 4 consecutive weeks.
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