Market Update Wednesday 4/20

April 20, 2011

The SPX  futures are trading significantly higher this morning, approximately 18 points above fair value. The cash chart below shows a completed corrective structure with the 4/18 low right on the 50% retracement level and near the swing target. With the market considerably above the wave b high and clearly through the declining  trendline, the next resistance is the recent high at 1340.

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