Thanks for all the kind notes, the baby is doing great and the family is adjusting well. :)
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Key Levels
Upside -- 1284, 1345
Downside -- 1270, 1258, 1249, 1238, 1228, 1208
extremely lopsided to the downside.. a turn is coming soon
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SPX Daily;
What we have here is obviously a big rising wedge. The other larger wedge was broke north but there was no real follow through or power associated with it as you can see.
I tend to think this is a fake break north from the larger wedge and we are about to either fake break the smaller one too and then fail or fail here very soon.
The stochs and MACD are both in overbought territory but do have some room for a continued push north, but not a ton of room, just a little.
We printed a DOJI hammer today.
What to watch for now is a big intra-day reversal. A big up day that reverses and closes heavily negative. That is a classic reversal signal that we have not seen in a long time.
GL
CJ
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