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The dust has settled on the trading from Thursday, so where does the S&P 500 stand? On a closing basis, it might not be as bad as you think. As shown in our trading range chart below, the S&P 500 is now just into oversold territory and trading right at the bottom of a one-year up-trend channel. From a breadth perspective, only 28% of stocks in the index are now trading above their 50-day moving averages. This is right near the lows seen during the prior big pullbacks over the last year. Needless to say, tomorrow and the next few trading days will be very important.

click to enlarge

Source: Where Things Stand