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Traditional markets also came under pressure as the latest retail sales report showed a slowdown in consumer spending activity to go along with a cooler-than-expected inflation reading. At the close of markets in the U.S., the S&P, Dow and Nasdaq all finished in the red, down 1.56%, 1.81%, and 1.24%, respectively.
A recent market update report from Eight Global called the possibility of a corrective pullback a likely scenario based on where price and RSI were trading. According to Eight Global analysts, $20,000 and $19,500 are the levels to keep an eye on now as good spots to seek out long opportunities. “If a drop happens, the price may wick towards $18,800, so initial stop loss orders could be placed below. When the price reaches the $20,800 area again, SL can be moved to break even, or into profit, to secure the position,” the analysts noted.
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