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March 9, 2016

David H. Weis

Given yesterdays lower close, the S&P seemed vulnerable to move lower. The lack of
downward follow through today puts the market in a bullish position. It opens the door
for a move above last Fridays high at 2007.50 basis the March contract and 1998 in the
June contract. (The rollover to June begins tomorrow.) If this occurs, watch for more
shortening of the upward thrust. The 2017 level is the ideal target for the next upwave.
It was the last high after the breakdown on January 4.

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