Noteworthy - Today's WSJ refers to an indicator from Birinyi Associates which reveals that the directional correlation between the SP500 index and its member stocks are approaching the 1987 black Monday levels (Chart 1).EW counts - There's no change regarding the big picture. Please refer to the weekend commentary for top counts.
Near term squiggles- The squiggle count suggests one more possible squiggle high for this leg of the rebound. SPX is bursting out of a small-degree fourth wave triangle (best seen in the Sept e-mini Chart 2).
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