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As you can see from the monthly chart above, the S&P has notched four consecutive higher closes. June is just marginally higher because we spent most of the month consolidating the big move from the three prior months. Also note that the June highs are a key pivot point (support/resistance) over many years and secondly, that the entire move off of the lows took place on declining volume. It is unlikely that we successfully break through without a reasonable retracement. |
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