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Trend still bullish-  Expecting upcoming push back above SPX-4200 -

While the two-day plunge might have seemed overly bearish to some investors, it failed to violate key support and until 4098 is broken at a minimum (with 4048 having even more importance) trends remain positive from March lows, and should push back up above 4200.

Real Estate, Financials, Industrials, Technology and Materials all fell over 1% on the session. 

However, the lack of trend deterioration coupled with the bullish after-hours move in $NVDA post earnings are thought to be bullish developments heading into Thursday’s trading (At the time of writing this, NASDAQ 100 futures are higher by +0.55%).  Near-term oversold conditions on hourly charts also look important as a reason for Thursday strength.

Overall, all was not rosy with Wednesday’s trading session.  Financials proved to be a weak link, and this should be an area to give close focus in the weeks to come.

At present, despite lack of progress on a debt ceiling deal, markets should be able to push higher Thursday into early next week.  I’ll monitor lack of progress and/or if Wednesday’s 4098 is violated on a close.

Below is the daily SPX chart....

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