SPX to paint a double a top?
My previous consensus was a deeper ABC correction but as we continue to trade sideways around this area the support becomes stronger. So here is an alternative view. We may see a double top which will surpass the previous high. If the double top is painted on diminishing momentum expect a good dip back to at least the 20 DMA before it continues to trudge upwards into the end of the year. Obviously watch closely to broad market reactions to the coming wave of bankruptcies & insolvencies. So far it seems SPX just shakes the news off but be ready for any change in reaction.
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