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S&P Pursued by Bulls


But will we see a lower close at expiration?

The advance off the November 20 low was 203 points over 6 weeks. 203 points on top of the 667 low from March 6th gives 870 which is near the monthly swing high of 875. The primary target of 720 degrees up from low is 890. 540 degrees up from the March 6th low sets up as 830 S&P.

If the index recaptures 830 this month with momentum, there's a chance the Monthly Swing Chart may turn up before the end of March. But it appears the greater likelihood will be that the Monthly Swing Chart turns up on trade above whatever the March high is in the first days of April. The strength of lack thereof at that point will be important to observe.

Conclusion: With Goldman Sachs (GS) and Apple (AAPL) at par, Google (GOOG) pinned to 330, Amazon (AMZN) nailed to 70, and Potash (POT) pinned to 80, it feels like the weekend is already here. Perhaps the market will trace out a narrow range session after the accelerated volatility of the last week. I wouldn't get churned and burned in trying to 'make' something happen today. Sometimes the hardest trade to make is no trade.

Trading Lessons:

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No positions in stocks mentioned.

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