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As we've predicted right here in the previous update "expect the SP 500 to consolidate around current level for at least a couple of days" - the S&P 500 index closed around the flat-line Monday.
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Not much had been changed since last update, breadth remains largely oversold. However, today prices retreated on a pronounced decrease in volume; and this is a good sign. With that said, there is a high probability for a retest of resistant at the 1490 level as long as the index holds above key support at last week's low.
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