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SPX, INDU, NDX, NYA Updates: Bears on the Run


The bulls have reclaimed the key 1453 level on a closing basis, which means the odds are good that an important cyclical low is in at 1425.


And finally, the Dow Jones Industrials (INDEXDJX:.DJI) are currently presenting what appears to be an incomplete five-wave rally. If bears could somehow reverse things immediately and reclaim 13398, they would have a shot at taking control on an intermediate level -- but intermediate-term control simply looks unlikely for bears at the moment.

Click to enlarge

In conclusion, unless bears can reclaim the 1425 level, the odds are good that the anticipated turn off 1425 will end up marking an important cyclical low. This would put the bulls in a good position to control the intermediate term. And while there are still things that can happen to change all this, there are now some early warning signs developing that indicate bulls might be taking control of the longer-term as well. We'll see how the structure develops going forward. Trade safe.

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