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Mar 14th, 2010: Weekly SP-500 Chart

Posted by pugsma on March 14, 2010

3:50pm EST:   Looking at the SP-500 weekly chart you can see how important holding above 1029 was for the bulls back on Feb 5th, 2010.  In March of 2004 the SP-500 hit a recory high of 1163 followed by a low of 1061 in Aug 2004.  In this secular bull market rally off the March 2009 low of 666, this initial rally for P1 is running into the same resistance and support points.  This week the key level to watch on the upside is 1163/68 (March 2004 resitance).  And on the down side key support is in the 1133 area.  Staying above 1045 is important for the P1 wave to stay on target to reach 1230 to 1270 early this summer.

Notice, the very impressive “V-bottom” in March 2009.

SP-500 Weekly (3-12-10):

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