The all-too-obvious head and shoulders on the NQ led me to speculate we'd get a drop (which we got last week) followed by a rise (which we're getting right now). I'm going to allow a little wiggle room, tinted below, with respect to just how high the retracement will carry, but I think this is going to run out of gas soon.
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I mentioned the possible positive divergence on the SPX 60min RSI yesterday morning saying that it might deliver a strong bounce and well here we are. I have a W bottom target in the 1462 area on an open over 1444, but realistically this looks like a setup to retest the highs: