New Upleg for S&P 500?
Interesting that this week's action in the SPX represents a KEY upside reversal ... which usually denotes the start of a new upleg within the existing up-trend. Thus far, the upmove has climbed to new highs at 1297.57, and today's action so far suggests a close near the high of the week's range. The most immediate upside target is 1301, while the extended target is 1320. As long as this week's low at 1280.66 contains any forthcoming weakness, the new upleg scenario remains intact and dominant.
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