S&P 500 Price Outlook: Bull-Market Correction or More? CPI Setup

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The S&P 500 marked an outside-day reversal off fresh record highs yesterday – a feat achieved three times this year. In fact, all five of the previous instances of outside-day reversals in the index did extend lower with an average decline of ~4% before resumption. The decline has already marked a sell-off of more than 3.1% in early US trade on Tuesday with the immediate focus on today’s close with respect to the March trendline. Review Full Setup