Troubling turnaround: S&P 500 fails right at the November high

By Adam Button

What started out as a rally in US stock markets has turned into an ugly selloff. The S&P 500 is down 22 points to 2781 after initially rising to 2816, which was the highest since late-October.

The drop and outside reversal today highlights the Oct/Nov/Dec tops just above 2816. A fall below last week's low of 2775 would clear the way to the 200-day moving average, at least.

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