S&P 500 Suffers Another False Breakout Reversal, EURUSD Reinforces Range

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S&P 500, EURUSD, AUDUSD Talking Points:

• Despite Monday’s broad and inspired risk appetite rally, conviction fell apart this past session even with fundamental tail winds and the S&P 500 break
• Just as the benchmark US index turned its bearish breakdown into a false break–reversal last week, this week’s bullish 2,940 break has fallen apart
• A combo of coronavirus vaccine headlines, central banker optimism and fresh EU stimulus have lost traction as readily as recession momentum and trade wars


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