If we breakout to the upside, the upswing would likely continue and produce a higher low. A break above 3240 or maybe 3250 would confirm a higher high, and chances are this indicator would go back above 50% and suggest that the S&P most likely returns to previous all-time highs around 3400.
I’m looking very closely at whether or not this indicator goes back above 50%. If you’re bullish and are expecting further upside, I would certainly be looking for that break above 50% and subsequently
remainingabove 50% as giving fuel to that bullish argument.
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