So, let’s go to the chart action. Number one, you’re still up for the week, 2.44 percent, up $69 for the week. The market is near the all-time high close. It’s at $2937.60, and as you can see, then it’s slipped back, and it’s been coming up since then. Will we get a new high close or not? Well, that’s going to be important.
When I look at the chart here, this doesn’t look like a market that thinks the world is ending. You’re not up at the highs, you’re sort of midway in the market. The pattern is still one of lower highs, lower lows. I would now say instead of worrying about that high, the trade would actually probably get a bit bullish if you’re crossed now at $2941.30.
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