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By Lawrence G. McMillan

The oversold rally has carried farther than many had expected. This is not too surprising, for the market is attempting to fool as many people as it can. We have participated in this rally, in accordance with the buy signals from our various short-term indicators and those indicators are still on buy signals. We thus expect the short-term rally to continue.

But the $SPX chart is still negative. There is still a pattern of lower highs and lower lows, occurring beneath a declining 200-day Moving Average. That is a bearish chart. There is clearly support at 2350, the late December lows. On the upside, $SPX has overcome the resistance at 2600 and is...

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