Mike Paulenoff's near-term work on oil, as represented by the US Oil Fund (USO), argues that this morning's high at 46.48 likely ended the upmove off of the 42.56 low.
The QQQQ likely completed a downleg at 43.51, and now should embark on a recovery rally period that should propel the QQQQ back up to the 44.10/40 target zone.
The gold ETF (GLD) has climbed above its 9-, 50- and 200-day moving averages, and for the past three sessions appears to be consolidating just above the moving average cluster.
Wednesday represented the third consecutive session that the S&P 500 SPDRs (SPY) bumped up against the upper Bollinger Band, which usually resolves itself in reaction weakness.
Mike Paulenoff writes that the S&P 500 reversing with such power this week argues strongly that a new upleg started on Wednesday, which points to a next target in the 1460 area.
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