We believe SPX correction lower is going to take place as RUT (Russell 2000) has already corrected lower and also showing incomplete sequence to the downside. When we look at Russell and other instrument in the market, the overall market correlation suggests SPX should pull back in Minor wave X. Once the pullback is over, then the Index should rally again towards new high at 2453 – 2500 area. We don’t like selling the Index and expect dip buyers to appear once Minor wave X pullback is complete for a new high or at least 3 waves bounce. Thanks
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