Negatives increasing after bounce; Short-term Peak likely by Thursday

The spike back above 3800 might have seemed positive to many investors after $SPX successfully held 3700 last week, but technically last week’s deterioration remains a larger technical concern heading into mid-term Elections and CPI data.  As charts show, the uptrend from 10/13 lows was violated on last week’s pullback, and the wave structure was very negative on last week’s decline.   Downside risk levels are very well defined at 3700, and any ...

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