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The State of the Trend

The trend is up, and the SP500 is one step closer to reaching our first QE III target:

We'll be keeping an eye on 1450 for early signs of a short-term trend reversal:

While the SP500 has moved sideways all of last week, market internals have peaked and are bottoming out. Once the up cycle begins, it should provide the fuel needed to continue the advance:

The technical outlook is seldom 100% bullish or bearish, and if we have to pick something to worry about, it would be seasonality and the Election Year cycle. It points to a drop until the end of October:

 

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