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By Lawrence G. McMillan

The long-awaited breakout over what had become triple resistance at 4100 has occurred. $SPX closed above that level on February 1st and then added another strong day on top of that on February 2nd, thus confirming the breakout with a two-day close above 4100. That should lead to a challenge of the next resistance levels. First, there is the gap just above 4200 that created the island reversal back in August, which led to the downward leg into October at that time. Next up after that are the August highs at 4300.

Does this mean that the bear market is over? There is no way to answer that for certain. Most extended bear markets have one...

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Recent Blogs

Feb 3
By Lawrence G. McMillan

The long-awaited breakout over what had become triple resistance at 4100 has occurred. $SPX closed above that...

Feb 3
By Lawrence G. McMillan

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