The Back to School Intraday Bottom

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Looking at the market intraday, the issue is whether we can clear the post gap-down resistance from this morning. As I am writing this, the bulls have pushed above 1153 on the S&P 500, which proved to be a brick wall this morning and at noon. As the session progresses, look to see whether this level nows turns into support. There is an awful lot of room above for a huge gap fill from the open, so you can be sure the bears will reload some shorts by the end of the New York lunch hour.

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