The S&P500 did not respect breakout from 1115. Reversal below 1080, and the rising trendline, would warn of a correction — confirmed if support at 1030 fails.
I use the Weekly 10ema(1107) > 20ema(1080) as a Guide to market direction. It gave as SELL signal in Oct07 at 1500 and a Buy signal on Monday 13th July09 at 900, when the Market continued to rise and peak on Monday 16th November at 1110 (Day 90). Next 90 day cycle saw the S&P500 hit a High on Wed 30th December at 1130 (Day 30). Peak 1150 reached on Tuesday 20th Jan (Day 42). 1092 is the current low point on Friday 22nd Jan (Day 45)
BULL Target 1220
Respect of strong support at 1080 should see the Index back testing 1150 by Thursday 11th Feb.
BEAR Target 1010
Failure of 1080 will signal test of Daily 200ema at 1010
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