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Thursday, September 22, 2005
S&P Bull Market Boxes
Here is a daily chart of the cash S&P 500. I've drawn the 187 point boxes that have so far controlled the bull market advance from the 768 low in October 2002.
As you can see the market has bounced off the 1/2 point of the current box three times in the past six months, a very unusual event. Nonetheless, I expect the market to rally at least to the top of the current box near 1325 by the end of the year.