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Michael Ashbaugh

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Jan. 27, 2021, 12:00 p.m. EST

Charting an intraday downdraft, S&P 500 retests near-term support (3,764)

Nasdaq maintains gap support, Small- and mid-cap benchmarks retest near-term floors

By Michael Ashbaugh, MarketWatch

U.S. stocks are firmly on the defensive early Wednesday, pressured after a mixed batch of quarterly earnings reports, and ahead of the Federal Reserve’s latest policy directive, due out this afternoon.

Against this backdrop, the S&P 500 has ventured under its breakout point (3,826), pulling in to an initially successful retest of familiar near-term support (3,764).

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