Market Turning Points Weekend Report | 2011-04-03 | Andre Gratian

From Safehaven.com:

Chart Analysis

We’ll start with SPX Daily Chart. The index found its correction low of 1249.05 on 3/16, and has been rising ever since. On Friday, it reached our first projection of 1334 and even went a little farther to 1337.85. If our interpretation of the theory is correct, we should now get a reversal and start a consolidation before moving on to the next projection ***. Does the bar chart below warn us that we have reached a short-term top? Not really. The indicators both made new highs on Friday, and SPX has not broken its short-term uptrend line. There is a slight deceleration in the indicators, but it would be wishful thinking to say, on this basis alone, that we are ready to pause in the uptrend.

*** For reasons that I won’t go into, it is possible that the SPX could extend its move to 1342-44 before starting its correction.

Continued

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