Stocks Stumble Back Under Key Support es, But Something Else is the Bigger WorryLin
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Good Thursday afternoon, friends and fellow traders.
Well, it's going to be tough to make a particularly strong near-term bullish case at this point. We just logged another lower low, turning a little volatility into an official downtrend. Some indices broke under key support levels, while others did not, but by and large I think we have to call it like we see it and say it's time to start playing more serious defense.
It's hardly an ironclad expectation for a bigger pullback, mind you. The volume behind the weakness thus far has been tepid, and today's wasn't exactly raging either. As they say though, the trend is your friend (right up until the point when it isn't).