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As far as the charts of the major averages go, the S&P 500, Russell 2k, and S&P 400 appear to be in decent shape. The same can not be said of the Nasdaq, which has taken a beating the past two sessions, and is closing in on the 50-day MA. The Nasdaq 100, which basically did not budge the entire rally is already below the 50-day MA. Looking at the daily chart of the S&P 500 below, the price action may be headed for an undercut of the prior swing low around 1,494.

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