Option Investor
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They need the DOW above 8138 and SPX above 870 to make the claim that the market has been up 7 weeks in a row (be aware that 7 is a big reversal number in the market). We're too close to not see that happen and I'm sure there are some powerful interests trying awfully hard to make sure it happens. But I'd take a few puts home for the weekend as I continue to see today's rally as a very good setup for a reversal on Monday. We've got an a-b-c bounce off Tuesday's low with two equal legs up at 870.40 and the c-wave achieved its 5-wave move with the late-afternoon rally where the 5th wave was equal to the 1st wave at 871.46. At the same time SPX is again testing the underside of its broken uptrend line from March 30th. The setups just don't get much sweeter than this one if they don't let it drop until Monday.

SPX 30-min chart:
[Image 1]

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