Everything going as planned on the bull scenario so far with SPX breaking up yesterday and closing back above the daily middle band. We may well see a backtest today but the main thing to watch is that SPX doesn’t deliver a rejection candle that invalidates yesterday’s break up. I’m not expecting to see that but it’s always something I watch for after a middle band break.
As long as we don’t see that rejection candle we’re looking for a retest of the ATH and possible higher high with an ideal target at that retest or in the 2210 area. The high window opens tomorrow and lasts a week or so. We are expecting to see a significant high in the window that would be followed by a larger retracement.
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