It appears that since the reversal on 9/30 the market has not been able to make any "progress" to the downside. With the futures today looking like another huge gap up open, it appears we have another test of 1150 in store, likely today, if not tomorrow. The market is again appearing to be symmetrical so I'm looking for a peak to match the 9/26 high of 1150ish. If this line holds, bears might have a chance of some fun for a day. See chart below:
[Update: 1:00PM]
Well it didn't take the market much time to hit (and melt up through) my target. Looks like winter is not over yet and bears will have to stay in hibernation some more. 1170-1175 would be the next target if 1150-1155 can hold for a few days and set in as support.
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