S&P 500 acted on Tuesday‘s tech internals clue, and its decline into the opening bell and early session was stopped by tech market breadth improving while the usual suspects (chiefly retail and materials) continued clear downtrends. Industrials, financials and Russell 2000 haven‘t so far broken below key respective lows. Overall, the nature of the rebound was defensive (select tech, communications, utilities, staples and healthcare) did well, which together with bond market reprieve gives good odds of ES bulls not throwing in the towel today – tight range, possibly setting up for sell the debt…

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