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Michael Ashbaugh

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Oct. 29, 2020, 12:37 p.m. EDT

Charting bearish follow-through: Second 7-to-1 market downdraft raises caution flag

Focus: Europe’s technical breakdown, Charting U.S. sector damage, IEV, XLF, XLI, XLV, XLE

By Michael Ashbaugh, MarketWatch

U.S. stocks are higher early Thursday, rising after a solid batch of economic data and in the wake of a damaging week-to-date market downdraft.

Against this backdrop, the S&P 500 is digesting a violation of major support (3,328), a move signaling a bearish intermediate-term bias, pending repairs.

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