![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpmNaplWSGi0RtlWdpXSA3lvP9UbMo5LPwEB8PhTBHrAtPiRae8H8Y_5dtOSaZl8s_x8ZKgsPdZoArrKWwUc78c9TqhzIYWlGRgcnWz4VBkMhY1vpl06AGbp_Jmu-61OpJPqLtPmmScl0F/s320/count0722.png)
The S&P rallied further that I anticipated but still within a reasonable range. So I am still expecting a test of the 50 day MA and the TA which are both now exactly at 1323 early next week. If this test proves successful, which I think it will be, then we should see a wave that will challenge of take out 1370 once in for all. In the meantime, it will be interesting to see what happens with the debt ceiling issue. I just read that Boehner walked out of negotiations and that might just set off the correction on Monday.
Have a Great Weekend!
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