Similar day as yesterday but reversing the price movement. S&P 500 opened flat and was improving until the Consumer Confidence data came out well short of consensus and price took a dive to camp for the rest of the day below S1. In the last half hour the S1 line was tested unsuccessful. Volume was below average.

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S&P 500 SPDRs 5min Chart

The Consumer Confidence data was well below consensus and the market acted accordingly as more doubts are mounting about an economic recovery happening soon.

S&P 500 Index Daily Chart

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