The S&P 500 should be forming a consolidation before moving higher in a deeper retrace of the decline from the January high. The tricky part is that the market could yet rise somewhat higher before the next leg lower in the expected correction. The typical limit for a small 'b' wave high is 2586 SPX. As I type, futures made a tiny poke above the high from Monday and it would be great if is started the small leg lower this morning.

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