I'm not a big fan of the trading right after a holiday so while there has been a drop in S&P 500 futures overnight, I'm a little skeptical of follow-through. I certainly think SPX should roll down in a larger retrace relatively soon, but I'm open to letting the market stretch for 3404 or 3424 if 3364 holds as support. For today, allow a bounce to near 3374 at which we find out if bears step in or capitulate and invite a new high.
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