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Monday's Targets Reached; Will Bulls Hog the Whole Turkey?

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Monday triggered some signals commonly seen at important lows, but here are the key price levels.

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MINYANVILLE ORIGINAL I admit the article title is a weak attempt toward being cute by invoking the Thanksgiving holiday -- and I realize I'm mixing metaphors with "bulls" "hog" and "turkey." This is making me hungry (though when I really want to eat bull, I just turn on the TV during a Ben Bernanke speech). Anyway, I'll try to do better on a Thanksgiving-related title tomorrow.

Yesterday's update expected a rally, with a first target of 1378-1390 SPX. The S&P 500 (INDEXSP:.INX) rallied with furor to 1386.87, and closed at the session highs. The big question now is whether this is simply a bull trap, or a more meaningful turn. Later in this update, I'll cover some of the key upside levels for bulls to reclaim.

Monday showed strong internals, and that does suggest this rally will be more than a one-day wonder. In fact, the strength seen yesterday is often associated with significant bottoms, as shown on the chart below:


Click to enlarge

My first upside targets were all reached, and the wave could count as complete, but it's entirely possible this leg has further to run.


Click to enlarge
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No positions in stocks mentioned.
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