SPX continues to move higher. Tentative targets remain the same: $4650-4800.
SPX still has three unclosed gaps. In order for the trend to stay healthy, a pullback to close at least one gap is required. There is a higher chance of a horizontal or slightly downward movement. The smaller frames are overbought and require a reset.
A close below $4540-27 will be bearish, any other candle – bullish.
NDX formed a second consolidation candle. While there is a chance of it being a bearish formation, it is very low. Possible path – a few more days of consolidation before resuming an uptrend. As long as a daily candle does not close below Tuesday’s low, the trend remains bullish.
After a very fast advance, DJIA is likely building a consolidation pattern. Expecting a horizontal move for another day or two. A close below ~$35520-35440 would be bearish.
Overall, from the candles and indicators perspective, after a small consolidation or a minor pullback, the higher prices are expected. The indices are likely in the middle of wave 3 (or C) of some larger degree.
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