SPX took the green pill yesterday, breaking over the double-bottom trigger level and making the double-bottom target and more by the end of the day. Is the retracement low then in? Not necessarily but the odds that the low is in have obviously increased considerably. On the SPX daily chart it's worth noting that both of the main highs in 2012 were followed shortly afterwards by retracements to the lower daily bollinger band and bounces back to the top. However I don't think the current high was a main high. SPX closed 5 points over the daily middle bollinger band and if we see more upside the obvious target is at the daily upper bollinger band in the 1532 area:
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