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Michael Ashbaugh

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Jan. 30, 2020, 12:10 p.m. EST

Charting a corrective bounce, S&P 500 balks at first resistance

Focus: Crude oil registers bearish 2020 start, Energy sector presses multi-year lows, USO, XLE, PEP, ABT, UTHR

By Michael Ashbaugh, MarketWatch

U.S. stocks are lower early Thursday, pressured as the coronavirus overhang continues to crowd out generally strong earnings reports.

Against this backdrop, the S&P 500 has thus far balked at near-term resistance (3,280) matching the 20-day moving average, currently 3,279. An overdue consolidation phase seems to be taking hold to conclude January.

Link to MarketWatch's Slice.