Although the tape looks pretty straightforward on a daily SPX chart the journey intra-day has been filled with traps and tribulations. What comes next may be determined by whether or not we’ll make it across this gaping pothole:
I posted this twice in the comment section yesterday but got very little response. Which surprised me a little as the implications of this chart are rather significant. As Scott already hinted at in his own update – we are in a low volume rut right now and I expect quite a bit of churning before we get resolution here. But let’s assume the current long squeeze does not extend and we are able to bridge the gap here – what would be our upper targets?
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