One Option Trading Blog https://ift.tt/2Szo1gD Posted 9:30 AM ET - The upward market momentum has stalled in the last week and horizontal resistance at SPY $281 is stiff. News that the MSCI index will quadruple their weighting in Chinese stocks boosted their market by 1.6% overnight. This could attract an additional $80 billion in foreign inflows to China. I don't view this news as significant to US equities and we will see if stocks are repelled from horizontal resistance a second time. China's official PMI showed weakness in manufacturing and it is in contraction territory (49.3). The Caixin Manufacturing PMI was released this morning and it …
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