Apprehensive fade after a strong and broad two-day rally. Some churn after the bounce makes sense ahead "known events" that everyone knows everyone else is watching, even if everyone figures they won't decisively change the market setup.
S&P pullback timed to the jump in NYC Covid positive test rate, unwelcome if not entirely surprising. The low so far is exactly at the "old floor," the 3330 zone that before last week was the bottom of the September range, also that Aug. 11 closing level before the final melt-up started. Bidders so far able to keep the index above the breakdown zone, but barely. Noted yesterday the bounce still had a bit to prove unless/until holding above 3425 . Sideways chop into mid-October would not be surprising or particularly worrisome if that's how this plays.
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