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S&P 500 Corrective Rally Is Set For 1370/80 Test

Sameer Kapoor 4 July 2012

S&P 500 closed sharply higher on Friday, very close to its previous swing high.

This type of a rally at the end of the week usually puts more strength in play for the next week, which means more upside in our case, to the 1370 area.

As such, we are now tracking an A-triangle B-C pattern which is still corrective movement. So the larger picture is still pointing lower but not moving just yet.