Mid-week market update: Market internals are showing signs of a wash-out. Readings are normalizing after an extreme oversold condition against a backdrop of extreme fear. Stock prices should advance from here.On the other hand, the S&P 500 just experienced a "death cross", where the 50 dma falls below the 200 dma. Notwithstanding today's negative surprises from NVIDIA and Fed Chair Powell, the inability of the index to overcome resistance at the 5500 level, which is the site of the 50% retracement and just below a price gap, is disconcerting for the bulls.What happens next? Let's review some historical studies, otherwise known as "torturing the data until it talks".
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