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Wednesday, June 11, 2014

Support & Resistance Levels for the S&P500

It would be really healthy for the market to test the breakout of the dashed orange lines from above.  This would be about 1,930.
Note that this second chart shows  a similar break above a trend line in October 2013 that was tested from above once in November 2013 before the market rallied all the way up to the dashed red resistance line.
Support Levels for S&P500
  1. About 1930
  2. The 50 DMA (day moving average) currently at 1887
  3. The dashed black trend line at about 1825
  4. The 200 DMA currently at 1807
Resistance Levels for S&P500
  1. About 1975
Currently my portfolios are at record all-time highs.  I've taken some profits and have plenty of cash to buy any major declines yet I am "fully invested" to take advantage if (when) the market goes higher.

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Note how the DOW remains below its long-term trend lines.

Is it too late to buy stocks? No! It is hard to believe how many individual investors are still under invested in stocks.  Two bear markets that took the S&P500 down over 50% each time between 2000 and 2009 scared many into cash and bonds.  Most are only starting to get back into stocks. The fear may take a generation, or at least 20 years, for investors to return to "proper asset allocations." 

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Note, you can do great just following my core portfolios by reading pages 1 to 12 each month of my newsletter and ignoring the rest that covers individual stocks.  The price is still better than competitive "mutual fund newsletters" that don't have the same long-term, documented (see attachment) performance.  

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