Almost every major moving average cross I've ever seen leads to a big rally back into it to catch all the auto-traders off guard, only later to fall back and resume the trend direction. Considering the oversold conditions along with the fact that quarter end under SPX 1115 meant most money managers needed to raise cash for next quarter most likely added to the extended selling, I'd expect a pretty big bounce over the next few weeks. TNA to at least low $40s. Elliot wave says we have to have a 2nd wave bounce any minute now.
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