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Market Commentary

By Lawrence G. McMillan

Stocks have had trouble advancing since June 11th, which is when the strong rally that began on May 29th petered out. This week, especially, has seen a pullback that reached the rising 20-day moving average and also tested support just above 2740. So far, this is nothing more than a simple correction, and the indicators have remained bullish for the most part.

The horizontal red lines in Figure 1 denote the pertinent support and resistance levels. There is resistance at 2800, and then at the all- time highs of 2870. Meanwhile, the nearest support area is the one at 2740. For now, $SPX is locked in a tight trading range between 2740 and 2800,...

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