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04-3-14 SPX Daily Headline Chart

April 2, 2014: SPX breakout higher continues but momentum may be waning at overbought levels.

04-3-14 SPX Daily Headline Chart

SPX breakout higher continues but momentum is waning as market participants prepare for the reaction to Friday's Non-Farm Payroll report. Depending on the intensity of any potential negative reaction, the former upper boundary of a 3 week consolidation range is now the first level of support and then the growing base of support at SPX 1850. Until proven otherwise, the long term ascending trend if firmly intact and any future sell-offs offer buying opportunities.

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