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SPY futures stock edges higher in low-volume Asian session trade, with momentum traders eyeing 5,150 as the next resistance milestone. In sharp contrast, retail investors embraced the downturn as a chance to “buy the dip.” For the first time in four weeks, this cohort became net buyers, purchasing a total of $200 million in equities. Instead, the big data release of the day was the Institute for Supply Management’s services sector survey, which fell to a 50 reading compared to expectations it would hold steady at 52. Any reading below 50 is a contraction, while a reading above that number is an expansion. Some analysts caution that stretched valuations could limit upside unless earnings revisions improve.
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