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Stocks sold off into the close once again, with the S&P 500 stalling at the 50-day MA for the third time in four sessions. Total volume picked up, but losses were limited to to less than -0.1% on the S&P 500 and NASDAQ, so it was not a clear cut distribution day (but an ugly day nonetheless). After multiple days of stalling action in the major averages, we expect some sort of pullback to develop by next week. Because leadership stocks have held up, we believe that any pullback will be short lived. However, if leading stocks begin to crack with the market, then we will begin to test the waters on the sort side. Multiple days of stalling action at resistance does not look good

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