Option Investor
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Not much has changed with the SPX daily chart from my perspective. Keene looks at charts differently from me and although our analysis may differ, they are both valid.

I see this chart as bullish and the retracement from the April 2nd high as very healthy. Before the April 2nd high was made I thought a retracement to around the 750 mark was baked in the cake but that did not happen telling me the bulls were a lot stronger than I thought. A retracement to 750 would be quite bearish now because if it did then that would mean a lower low and the trend would change.

So now I see a retracement to about 800 as healthy but once again the bulls are quite strong and that may not happen so what I am going to do as a momentum trader, I will buy when/if the SPX closes above the black neckline and add to my position when/if the SPX closes above the magenta trendline.

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