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With the Wall of Worry Apparently in the Rear View Mirror, What Next For the Cash SPX?


 

If the market is traveling along "the path of least resistance," and if the market is at new all-time highs, then what if any "resistance" could be left?

The only trendline resistance remaining on a near-term basis cuts across the July-Sept, 2014, prior all-time highs, and crosses the price axis today in the vicinity of 2040.

A sustained climb above 2040 eliminates the "prior tops resistance line," which then will force us to revert to measured moves based on the ratios between intraday uplegs, which currently point to the 2060 area if 2040 is hurdled and sustained.

And if 2060 is taken out, then we will be staring at the upper-channel boundary of across all of the prior highs since May, 2013, which cuts across the price axis today at 2080.

As long as support at 2000 remains intact and viable, 2040, 2060, and 2080 are the successively higher resistance target levels.

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