As I wrote last night, the Standard & Poors 500 Index was locked into a rising wedge scenario. These wedges can be found in Wave C which is what wave the stock market is looking to complete in order to revert back towards the larger trend. Today, the market went through the wedge trend line support only to retrace and be denied of any further gains. Many like to refer to this retracement to prior uptrend support as the "kiss of death" or the "kiss good-bye."
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