Confirmation of new uptrend
Today's price action suggests the start of a new uptrend, with a potential target of 1,610-1,620, or a bit higher, on the $SPX.
This new uptrend was confirmed on the DOW (made a higher high), but not $SPX. This scenario reminds us the May 1, 2012 scenario, following which the market rolled-over lower.
A close below the recent low (1,537) will invalidate the above scenario and suggest that the market is rolling over to the down side.
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