|The gap up and push higher sees the index recovering much of the ground lost at the end of last week, as the longer-term uptrend reasserts itself. Crucially, the index is holding above the mid-September lows, while the first oversold reading on the daily RSI since June has been met by fresh buying. The next target area may well be 6895, the 50-day SMA. We may see some weakness ahead of the election, potentially filling in some of the gap higher, around 6700. |
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