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The new highs in the NYSE A/D line last week and the bullish short-term formation continues to favor a further rally in the S&P 500. Another day of positive A/D numbers on Thursday would confirm this view. The S&P 500 has key resistance now at 1115.50, which if overcome, should signal a rally back to the 1140-1150 area. Initial support now at 1092 with next support at 1080-1085. The NASDAQ A/D line is rising, but is still below the downtrend from the October highs.
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