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Market Commentary

By Lawrence G. McMillan

Well, the market finally found something it couldn't shake off -- at least not right away -- on the geopolitical front. Normally, this wouldn't be a big deal, but an overbought, somewhat nervous market can react to this type of news dramatically, and it did. So what is the real overall effect?

First of all, the $SPX chart is still bullish and in an uptrend. The support level at 1950 has not been violated. I'd say that this is now a quite important support level. If it is broken, one could reasonably say that the $SPX chart is no longer bullish. Below 1950 there is support at 1925, and that would be the next level to look for.

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