ORIGINAL POST: 11:15 AM
In something akin to a recess appointment, the market is making a run for our target area (the rectangle in the chart below) during a holiday-shortened trading session. We’ll look at the chances it has of getting there and the most likely impediments.
First, the little pullback we had to the midline yesterday was the 10-15 points I’d been discussing. I wondered whether we’d get something bigger, but this morning’s action lays that option to rest. It does, however, open the door to a bigger pullback at the 1.272 coming up.
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