1,091 PROVES STRONG ONCE AGAIN

On a closing basis, the S&P; 500 stopped going down right at the 1,091

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level, which has acted as key support four times now since last November.  Now that the index has found support in the short-term, traders will focus on the 50-day moving average as the next level of resistance, which is about 13 points above the index’s current level.

Bespoke Investment

Dennis Gartman is not optimistic that it will hold:

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