(CNBC) — U.S. stocks closed lower but well above session lows as the S&P 500 held a technical level and biotechs recovered to trade higher.
Traders noted that once the S&P 500 tested the 1,800 level in early afternoon trade, buyers started to come in.
"Any rally that starts is going to be violent to the upside," said Art Hogan, chief market strategist at Wunderlich Securities.
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