I was looking at the CPCI to CPCE ratio for clues to where SPX is headed in the near future. I found an interesting pattern during the July decline and bottom that seems to be repeating now. The pattern is a rising W pattern and would indicate that further upside is in store in the very near future. Also, notice the 9 day moving average has turned up again and didn't make it to the bottom of the channel, see August 24th post.
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