But here's the rub: to reverse the trend, prices have to recapture 3 full bricks. That hasn't happened yet on this bounce, but if the SPX moves over 1184 on a closing basis -- intraday doesn't count -- then this chart will form a giant upside white brick. Such big reversals are very important, as they indicate follow-through is coming.
That means a daily close over 1184 on the SPX would likely see prices accelerate to the upside, most likely to 1203 in short order. It would also indicate that the last leg of this cyclical bull market is underway, and higher highs above 1230 by the early summer are squarely in the picture.
