With the afternoon selloffs temporarily taking a hiatus technicians now turn to the 1,300 Floors & Ceilings for a leading sign if Turnaround-Tuesday is all what it portrays. These areas, as simple as it sounds, are where the markets returns to a slightly ambiguous state until further resolve presents itself. When the SPX closed just on its 50-DMA the key will be a follow-through. Until then it’s a waiting game.
Until next time.