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I constantly read that investors should be diversifying into the European markets largely because Europe's recovery is lagging the US, which means the Continent will have the benefit of tremendous tailwinds (from the US), especially as increasing numbers of Europeans get vaccinated. At least that is the theory, if not the expectation for Europe's economy and markets. While the analysts and strategists promoting the above viewpoint might be 100% correct, my near- and intermediate-term technical work suggest strongly that the pundits could be overly optimistic.
Market Updates + Upcoming ScheduleNo big surprises yet with the grind up action, ES price action has followed Ricky's proprietary projections since Monday's KISS report.ES dipped into the 4365-4375 support region and now hovering at 4420 weekly highs region, getting ready the acceleration/breakout into 4480-4450 targets. Raise stops, ride train till da music stops, rinse and repeat.Heading into Friday, it's one of the most bullish days given this year's stats. Scale out short-term profits accordingly, level by level approach. Know your timeframesThen, we need to a little more careful because of weak seasonality stats in August for SP 500.
It’s nice that we did not spend a lot of time in no-man’s land, as the market is starting to clear up. But, that does not mean that our parameters have changed.My primary count still remains that we are topping in a b-wave, as presented in green. Based upon the micro structure off the potential wave 4 low, our resistance is now 4440-4470SPX.
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