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SPX downward channel - consolidation?

SP:SPX   S&P 500 Index
$SPX is in a channel, but technical indicators seem to favor some consolidation here. If at the end of today's session the channel holds, there should be more movement downward in the channel, but if it manages to break outside of the channel, then it may retest 3420 level. Otherwise, lower lows around 3280-90 area as it bounces in the channel for the next few sessions.

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