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A Market Correction Or Something More?


So far today, the e-SPH has sliced beneath important micro-support at 1833, and thereafter, has followed-through to the downside into my next optimal near-term target zone of 1824/26, which is being tested as we speak.

Inability of the index to hold and turn up from 1824/26 will argue for downside continuation to 1820/18, which must contain the weakness to avert a press towards a test of much more important near-term support at 1805-1795.

In other words, a sustained break of 1820/18 will be our first indication that the index could be entering a deep correction of its most recent upleg from the Dec 16 "taper" low at 1754.00 to the Dec 31 high at 1846.50.

At this juncture, a climb above 1832 is needed to neutralize the selling pressure.

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