A moderate victory for the bears, with the VIX confirming the index declines. No doubt, a lot of bearish hysteria will appear as the week progresses, but it does nothing to cancel what are astoundingly powerful upward trends - as seen on the weekly/monthly charts.
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Summary
Suffice to say..its a start, but the weekly and monthly charts are quite clear about where we are headed into the spring.
Near term target - if 1490 broken, is somewhere in the 1470/55 area.
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the usual bits and pieces later
