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Connecting the Dots

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Below is the daily chart of the SPX from January 2016.

Note the intersection of a green trendline connecting the Feb low in 2016 with the late June low at the December pivot high and a red trendline connecting the April  2016 top, the August 2016 top and the December top.

This suggests the recent breakout to the all time highs may have been a Bull Trap.

Follow through below the little rising January trendline will go a long way to confirming that idea.

Note that there is a Live Angle from the August tops that intersects a trendline from the June low and November low that ties to 2140-2150..

Interestingly on the Square of 9 Wheel, this level vibrates/vectors with late February.

The presumption is the SPX will trade to 2150ish (or lower) if recent support breaks.

An hourly SPX from January 11th further defines 2270 as recent support.

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