• Yesterday, SPY hit a few of our bullish targets. It’s now sitting at some primary resistance, so it’s possible the mid level timeframes will need to pullback before it can go further. In that case, it could pull back as far as the 442 area before bouncing back up. Staying above 450 would help keep things bullish, and next upward target is…

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    Beau, KingJulien and Art
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  • Here are the tickers I’m watching this week. I’m not prepared to catch any falling knives. It’s quite possible it will be a week or two before these are ready for me to enter. I want to see support under them, multiple timeframes showing signs of movement, and a higher low before I’m ready to enter.

    CCJ
    HON
    TGT

    Beau, Howie and 4 others
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  • The SPY move yesterday brought it almost to the 100% extension of Wave 1. We’re in a good area for SPY to pullback for Wave 4 now, if it’s going to follow the ideal trend (the market is rarely ideal). Job numbers may be a catalyst this morning, with resistance above at 456.80, 457.60 and 461.30. The ideal retracement before the next leg…

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