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SPY popped to a new ATH at 754.00 in pre-market trading on the news that the US and Iran are nearing an agreement on the Strait of Hormuz, but the SPX ETF has since receded to the 751.75 area, again, in what I think is a disappointing reaction to this news... although to be fair, every couple of days we get news that a deal might be done that turns out to be wishful thinking.
A new video for VIX Live Video is available. XLU @ 01:59GC.
With the market again going sideways for the last day and a half, it resolved that action to the upside. So, clearly, no support has yet been broken, and the market continues to squeeze higher.With the market now inching even closer to the 4.00 extension in SPX (7646SPX), we are within 30 points of that target as I write this update. Moreover, there is a larger degree trend line overhead as well in the same region, which can be seen in the attached 60-minute SPX chart.
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