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Wednesday, July 19, 2017

A Quick Market Update 7/19/2017

Got our pullback yesterday, but I'm not sure it's complete, because it looked like a 5 wave move (an impulse wave). Hard to say which sector gets hit the hardest, but REITs led this rally, and the probably need to pullback.

SPX - consolidating. I like the 2444 target, but could fall as low as 2436 - 2438, ahead of OPEX.

Until the 2450 level breaks the up trend is intact, so I'd be careful selling this rally.

The trend on Oil and Gold isn't clear, so we're going to put those 2 sectors up on a shelf.

$RUT made a new intra-day high, before giving it all back. That's what I'd call a "failed breakout", or false breakout.

I have several confusing short term charts on the $RUT, but the longer term chart is clear. Major topping pattern. Even if it throws over the top of this pattern, be prepared to sell it!

Same goes for this target on the $SPX, if it even happens.

Short term looking for a higher high, going into OPEX, followed by a give back of all the gains since June. 2390 wave "e", 4, Target


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