Today’s Levels: Overbought at 1333, Oversold at 1308. Like I said yesterday, the current range (give or take a couple points) is a very comfortable zone for the SPX. It will take some work in order to breakout either way. Futures are pointing to a lower open and the action during regular trading hours will be indicative of whether the SPX can surpass the 1335 level any time soon. Should the SPX continue to press the upper end of this range, I think it makes a strong case for a 2% – 4% move higher into the mid-to-upper 1300s.
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