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Declining Channel Remains Intact

The rally took stocks right up to the 20-day moving average before selling off at the close.

For the past couple of weeks that 20-day moving average has been an absolute pest to the S&P 500 and traders as a whole. Today it kissed the MA and then sold off hard right thereafter into the close. The 20-day MA also lines up well with the declining channel off of the June 26th highs - check it out in the chart below!

Perhaps it isn't over for the bears. But time and time again they keep getting the chance to sell this market off and they fail to do so. Furthermore, you had less volume yesterday than what we all saw on July 3rd - the half day of trading before the holiday.

Almost 10% less to be exact!

The low volume environment doesn't favor the bears. The bulls have made an art form off of rallying on near-obsolete volume levels. The VIX meanwhile, managed to do next to nothing - unable to rally or sell-off. But still, I wouldn't be surprised to see a sub-10 reading before this week is out.

Oil tried to bounce, but it has a long ways...