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Lawrence G. McMillan

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Dec. 9, 2021, 11:10 a.m. EST

If the S&P 500 can’t hit new highs, brace for fresh selling

By Lawrence G. McMillan

By the end of last week, the S&P 500 index had sold off sharply, and some extremely oversold conditions existed. That led to an oversold rally this week, which was initially accompanied by only a few buy signals.

As the rally has progressed, more buy signals have emerged. However, the S&P /zigman2/quotes/210599714/realtime SPX +2.39% has not been able to break through to a new all-time high, so the 4705+ area remains as stiff resistance.

Is the market once again going to fail at this level, or will it finally be able to punch on through?

/zigman2/quotes/210599714/realtime
US : S&P US
4,023.89
+93.81 +2.39%
Volume: 2.54B
May 13, 2022 4:57p
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