JTH

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The Four Horseman's SPX/W4500/TRAN/NDX are working through "Range Expansion." This is a term used when we have a series of higher highs and lower lows, rendering the markets essentially trendless These measurements are interpreted by using a .25% box size with Point & Figure charts. This enables us to level the playing field between the indexes, thus allowing us to compare charts side-by-side more objectively.

As an example:

• SPX has 1 higher high and 2 lower

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