...institutions continued to accumulate yesterday; close to switch to technical uptrend; but
Note: long term liquidity in high expansion territory; leadership stock ratio a low +2.60 advantage to bulls
...the SPX trades moderately lower to intraday Low *1317 on chunky down volume. Advance/Decline ratio 1:2 and uptick power off the August 2008 Peak *1313 area subdued so far. ;Above *1313, the bullish near-term outlook remains and signals further gains possible
......next on the list of possible new highs reads current *1341 upper channel resistance in the hourly trading set-up closing in fast on the 75% retrace of the 2007-2009 Break *1348_*1347 upper channel resistance on the 6-month weekly trading set-up
...on the flipside, a violation of *1313 would motivate the market to test the February 2 Low *1300 with potential further downside into the *1275/*1294 key support range
Kind Regards
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