The S&P 500 is stuck at a key technical level of 7,500 points where bulls and bears are facing off. Market makers buy dips below 7,500 and sell rallies above that level. Breaking below 7,450 could trigger a bigger downside move, according to SpotGamma. The CBOE 1-month implied correlation index surged from an all-time low of 3.3 earlier this month to 12 this week, indicating a broader-based rally. In April, this measure reached 45 before the market bottomed, and 20 in June.
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