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S&P faces its first test of the bounce near overnight highs 2429, then 2438-40

indices gradually pushing back higher, w/ breadth of about 3/2 positive-  Tech and Materials leading, while Energy has clawed back to positive with Crude turning up along with Gold-  Only Healthcare, Staples, Telecom and Real estate lower-   while Yield curve steepning out a bit today-  Overall, today a mild positive but just approaching overnight highs. so won't show too much acceleration unless this area is exceeded at 2429, which would cause a quick 7-10 points higher for S&P futures up to more meaningful 2438-40 area-  for now a good move out of Tech yet again which gives a bit more confidence than at this time last week, but getting over 2429 will be the key for today into tomorrow