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The State of the Trend

For the last month the focus was on two monthly charts: the SP500 and the QQQ. And the premise was that if the uptrend channel gets broken, a sizeable correction will follow.

QQQ

That's exactly what happened, and if history is any guide, the indices are in the beginning stage of a sizeable correction.

So far the SP500 has reached and rebounded from its initial downward target, which validates our analysis.

S&P500

There are many ways an upside target can be projected, but I'll stick to my favorite channel analysis and let the chart speak for itself:

SPX

 


Coming soon: a new iPhone app that will help anybody, from novice to seasoned trader, make better investment decisions. Keep an eye on Twitter@citdates.

 

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