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SPX and INDU Updates: Rally Poised to Capture Monday's Target

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New highs are still expected north of SPX 1480. The main question still on the table is how we get there.

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And finally, an attempt to project the market's short-term path in painful detail. Note that this particular chart only examines the short-term option of wave (c) of (4). A marked deviation from this path would suggest the other options as discussed.


Click to enlarge

In conclusion, the big picture outlook has remained unchanged for about a month, and still expects new swing highs beyond 1480. The short-term outlook captured the recent bottom near 1425, and the market now appears poised to capture my first target zone of 1444-1448. Over the next few sessions, we'll gain additional insight about whether the 1425 low will hold for the intermediate term or not. Trade safe.

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No positions in stocks mentioned.
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