Is this Pull-Back Nearly Complete?

Futures indicate a lower open on Monday for the SPX.  It’s been tough for large-caps lately given the loud shouts of ‘Trade Wars’ from media outlets.  It’s still quite unknown as to what may really happen there.  Some winners and losers will definitely get tossed around, but will the overall markets be harmed?  It’s too early to tell.

While pull-backs are not fun, this thing has played it by the numbers.  If the futures are any indication, the SPX will declined back to the mid-point of it’s 1-month (or so) trading range.  Once there, we’ll see if things stabilize and begin climbing higher.  The underlying fundamental story supports further upside from here.

For the week, look for 2740 as a key support/pivot point.  If the SPX holds up here, a reversal move back toward the 2800 level is likely.  If support fails, look for 2718/2700.

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