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Scott Redler: Is SPX 2800 on Tap? Tech May Hold the Answer

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Can the SPX hit the 2800 mark again?

Tech may hold the clues.  The QQQ still acts well. $175.80 is our new pivot support to watch. 

A strong move and close over $178 could mean a charge to SPX 2800.

Now let's take another look at a IQ, a name we've focused on in the past few months. It came down from $46.23 to $30.20 and it's trying to rebuild. I'm long a bit overnight. If it can get and say above $32-$32.40, it should open the door for a move to the $34 area and possible more.

Now let's look at IBB.

IBB had a Red Dog Reversal on 6/28 and it has acted well very since then. Last Friday, it had a big pro gap on the BIIB news.

And now it has a pretty impressive high-level bull flag. A move and hold above $117 can take it back to 2018 highs.