Analysis:
Yesterday's Analysis predicted that "once the market rises to as high as 1,245, it will drop." Today the market rose above 1,245 but finished only slightly higher. Looking ahead to tomorrow, the Empire State Manufacturing Survey will be positive to the market, but the market will retreat on concerns about the impact of higher long-term interest rates on banks' ability to lend and increase their loans and on homebuilders.
Strategy:
Hold short at 1,217
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