Clawing Its Way Higher

The cash SPX has clawed its way above its Feb. resistance line at 1259.50, which is our first indication that the price structure has reversed off of yest.'s low at 1253.61, completed a corrective leg from the 1/30 high at 1287.94, and has started a new recovery upleg. As long as 1253.61 remains THE LOW, my work argues for upside continuation, initially to 1265.00/30, ,and then to 1270/71.

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