The markets should grind lower to the 1566 area before rising higher later in the week to finish out the quarter. Officially if the market hits near 1566, then Phase C down has completed and the market should grind higher, but look for a possible extension lower next week if any of the US economic numbers come in healthy. This will fuel the speculation that the FED will start to taper later this year. I will be buying into any decline lower than 1566 in anticipation of the upcoming rally to hit 1750 later this year. I will be watching the FTSE to see if 1566 is the low as the FTSE is already close to its lower support range.
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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.