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Monday, June 17, 2013

SP 500 Extends Rally Off Thursdays Low

The September S&P 500 closed higher on Monday as it extends the rally off last Thursday's low. The mid range close sets the stage for a steady opening when Tuesday's night session begins trading.

Stochastics and the RSI are diverging but have turned neutral to bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 1633.22 would confirm that a short term low has been posted. If September renews the decline off May's high, the 38% retracement level of the November-May rally crossing at 1545.59 is the next downside target.

First resistance is the 20 day moving average crossing at 1633.22. Second resistance is May's high crossing at 1678.00. First support is the 25% retracement level of the November-May rally crossing at 1591.35. Second support is the 38% retracement level of the November-May rally crossing at 1545.59.

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