Stocks have continued their ascent, and our analysis remains the same. The general trend is clearly bullish but we are due for a technical retracement, or at least a sideways correction. It would be unwise to short at this point, as you do not want to get in the way of this. We are about half way between the nearest level of support at 4073 and our target of 4144, where we will definitely see some resistance. Use caution because as the S&P has rallied, it has created vacuum zones below and a significant pullback could take us back to 4009.
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