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Given Friday’s strong breakout price action it is probably a good time to review key resistance levels. Last week we stated that we felt the market appeared likely to rally and overcut last summer’s highs. Below are charts of the Nasdaq, S&P 500 and DJIA. As you will notice, we are now at or near key resistance levels on all three indices. It is impressive that the Nasdaq set a fresh 11 year high on Friday but it is also important to note that none of the other major indices can make the same claim, and are still below key resistance.

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