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    The SPX two-year weekly chart below shows a rising wedge with a negative MACD divergence. SPX closed the week near resistance and in an overbought condition. Major resistance is around 1,270, i.e. upper weekly Bollinger Band. There are further resistance levels at the upper monthly Bollinger Band just above 1,275 (not shown), and at the upper wedge line around 1,290. Moreover, MACD is currently near resistance, and the weekly oscillator (ULT) is above 70, which is severely overbought for an index. M
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    the week near resistance and in an overbought condition. Major resistance is around 1,270, i.e. upper weekly Bollinger Band. There are further resistance levels at the upper monthly Bollinger Band just above 1,275 (not shown), and at the upper wedge line around 1,290. Moreover, MACD is currently near resistance, and the weekly oscillator (ULT) is above 70, which is severely overbought for an index.
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    r weekly Bollinger Band. There are further resistance levels at the upper monthly Bollinger Band just above 1,275 (not shown), and at the upper wedge line around 1,290. Moreover, MACD is currently near resistance, and the weekly oscillator (ULT) is above 70, which is severely overbought for an index.
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    above 1,275 (not shown), and at the upper wedge line around 1,290. Moreover, MACD is currently near resistance, and the weekly oscillator (ULT) is above 70, which is severely overbought for an index.
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    resistance, and the weekly oscillator (ULT) is above 70, which is severely overbought for an index. Major support is the previous four-year high at 1,246. Consequently, the volatile consolidation that started last week may continue in December.

    Economic conditions remain robust. Real GDP growth continues to expand above 4%, inflation remains tame at around 3%, and profits continue to grow at a double digit pace. Monetary policy is still accommodative and fiscal policy remains stimulative. Ther

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