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By Lawrence G. McMillan

Stocks exploded out of a massive oversold condition this week and put together the best 3-day rally since....1931. That sounds a bit ominous, doesn't it? 1931 and 1932 were two of the worst stock market years on record. In any case, the bulls are enjoying the rally, and it has generated some buy signals from our indicators.

Oversold rallies typically rally up to, and slightly above, the declining 20-day moving average. That moving average is at 2670 and declining at the rate of 30 or 40 points per day, so we're almost there. On an overshoot of that moving average, we might see the oversold rally extend up towards 2730 or so.

The $SPX chart...

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