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The correction from last week's highs has taken the McClellan oscillator to -85, not far above initial oversold levels at -100, but it can drop into the -200 to -300 range. The SPY has 23.6% support at 89.20 and 38% is at 85. If we are completing an ST top, we may still expect to see a one- or two-day rebound this week before the decline resumes.
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