Another strong day on SPX on Friday, and the very obvious target at triangle resistance and the daily upper band in the 2112 area is getting close. SPX daily chart:
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One week ago we have outlined two possible scenarios, after the positive WEEKLY Close:
1) start of a new WEEKLY leg up
2) small bounce before another WEEKLY leg down
Looking at last week’s Close, it seems scenario 1) came true. The ESM15 WEEKLY chart below shows it quite clearly: a big green candle rocketing up >50 points from the latest lows/support area in the ~2040s.