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Further to my post of June 15, the SPX pushed above 3080.20 to reach a high of 3155.53 on Friday, as shown on the daily chart below.
I’ve shown two Fibonacci Extensions (one taken from the March low and the other taken from the June low), as well as an Andrew’s Pitchfork (taken from the March low), and a Williams Alligator (formed by three moving averages, each offset into the future).
There are two areas of price confluence zones (targets) above the current price. The first is a minor confluence zone around the 3250 level (where two of the Fib Extension levels converge). The second is a major confluence zone around 3350 (where two of the Fib Extension levels converge with the bottom of the Andrew’s Pitchfork channel).
There was a time that I was really into scuba diving. We went to all kinds of exotic locales: Bonaire, Palau, the British and U.S. Virgin Islands, and so on. I can’t remember them all, but we were always after something like this:
Today is the longest day of the year in the Northern Hemisphere. The start of summer. Did you ever wonder what that dotted line on the globe labeled Tropic of Cancer was all about? That’s where the sun is directly overhead today. From here on out, during the next six months, each day will get a little shorter and a little darker. My kind of trend.