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By Lawrence G. McMillan

As for the $SPX chart, it once again shows a lower high and lower low, since that February top. Moreover, the latest rally attempt, which began on March 13th, appears to merely be an oversold rally. It sprang from several rather severe oversold conditions, and it has now run into trouble at or just above the declining 20-day Moving Average a "classic" oversold rally.

There is currently resistance at 4040 (this week's high), but the stronger resistance is the entire area between 4080 and 4200 (the trading range from early February), which has already been tested once and held (in early March). Meanwhile, the broad support area from 3760 to 3850 (the...

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