Summary
As we said on Monday, this could be an important week for stocks — and after one day, so far, so good. The S&P 500 (SPX), the Nasdaq, and the Nasdaq 100 (QQQ) all regained their 50-day averages. All three lost the 50-day in mid-August and again last week, so it is encouraging that these major indices are putting up a stand around the key average. At the same time, the three majors remain above their August lows and the pullback has turned into a sideways battle, with a lower high and a higher low in place.
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