Here at year end, we're clinging to a 38% retrace of the bull run-up off the pandemic lows. $SPX is well below 200 sma and below the 50 day sma. It's pure technicals, but if we don't hold 3,815, a drop to the 50% retrace seems likely ($SPX 3,500). (Daily bar charts below.)

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$SPX closed at 3,839. So, we cleared the technical hurdle for now.

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