Yet another extremely strong day in the equity market as an uptrending day was formed on the daily chart of the cash S&P500. After holding fast to intermediate (blue) moving average we surged past the short average and are now reaching for the long (green) average. The X-pulse will be proven complete at the 1324.35 low on April 15 if we exceed 1367.24 today.What if that happens? The “sell signal” line on the price pulse model changes from the previously static 1312.81 level to the trendline connecting the B and X-Pulse lows. More importantly we will then be poised for another round of important retests of previous highs. Levels to watch are the 1396.02, 1388.34 and 1386.74 levels. Breaking the highest of these would be quite bullish. Let's see if the bulls can do it.
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