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S&P 500 Breaks 1,200

However, this means little unless we can close above it


The S&P 500 finally managed to break above the important 1,200 level, but hasn’t gone much higher since then.

Now the key issue becomes whether we can actually close above it, because an intraday break does little to convince me that this market has broken out of its resistance.

However, a close above it is a very decisive tip-of-the-hand by Mr. Market and its intentions to drive much higher.

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