Today's JPY-driven opening ramp pulled the S&P 500 off its key trendline but is fading now as once again hope turns to despair and reality. As BofAML notes, while other US equity indices remain modestly constructive after a 2-day rally on nothing, the S&P 500 remains poised for a downside test (and likely break) of its 11-month trendline at 1666 (exposing the August 28th lows at 1627).
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Chart: BofAML