The S&P 500 may rise erratically toward a target of 2,500

While we entered last week holding support that pointed us to the 2,380 region on the S&P 500 Index, the market broke the ideal setup for that move on Friday.

That does not mean we won’t rally toward 2,380-2,410 in the S&P 500 SPX, +1.08% but it does place it in question, and suggests the action can continue to be erratic on its way up.

To put it simply, as long as the market does not break below 2,338 and rallies on Monday — which it is doing currently — it leaves the door open to target at least the 2,380 region.

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