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SPX should reach our 2065 target on this morning’s opening. All it took was some soothing words from ChairDove Yellen and, of course, a well-timed 3.5% rally in CL. It’s breaking out of the falling channel it’s been in since Mar 17, but that’s not important. And, it probably won’t even last. It doesn’t even need to.
Because, before it does, SPX will have been shoehorned past major overhead resistance. I had to go back to Feb 22 to find my first mention of it. From Cornered Bankers Resort to Ramping:
Once the SMA50 is topped, the upside case shifts to the purple .618/SMA100 combo at 1999, followed by the white channel top and purple .786 at 2050 in late March. An alternate target is the .786 of the drop from 2134 to 2010 at 2065. Either is legitimate, but 2065 means SPX will have broken out of the white channel – which is, of course, the path central planners have in mind.
There are only two more of these obstacles to go before SPX can hope to reach all-time highs. Could fundamentals get in the way? Absolutely. But, not if the central planners play their cards right.
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