The big picture has not changed. I expect the indexes to move higher in the next two weeks and form a top after that. Targets for SP500 1305-1320 or 1345-1350.
For the short term.... I do not know. It feels like the third leg of a pullback to the MA50(daily see above) is missing. Projecting the first reaction 31 points gives us target around 38,2% retracement and strong support ~1225. I will trust my feeling and wait to see what will happen on Monday and Tuesday.
Or we already saw the low for the pullback I was expecting. I can not exclude this option.
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