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Last week we discussed the key resistance levels on the Nasdaq and the S&P 500. Since then, not much has changed, but given the price discussion that has been occurring between bulls and bears over the past week, it is probably a good time to once again review the state of the broad market. Below are monthly charts of the Nasdaq and S&P 500. Notice that the S&P is now within about 20 points of resistance at the previous swing high. As we stated last week, we anticipate that the current rally could stall when the S&P overcuts 1,370.

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