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Even though the daily trend in the S&P 500 is still negative, there are some encouraging signs from the NASDAQ as it did close higher last week. The RS has turned up from its rising WMA and did confirm the recent highs. A higher close this week would support the bullish case. The NASDAQ’s McClellan Oscillator does appear to have bottomed as it has moved above its downtrend and the zero line. Key resistance is now at 2230-35 and a drop below 2125 would be negative.
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