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[arbman]

The bullish it gets, this is a projection for the next 4-6 wks. A reversal from these levels can trigger a rally back to the 1460-1500 level over the next several weeks. Next week should be choppy.

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&st=2005-02-16&en=2005-08-16&i=p01860777506&r=3743&.png

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=0&mn=3&dy=0&i=p67518391723&r=2038&.png

However, unlike 2005 there is more downside or trading range (since it is sharply discounting right now) similar to the 2004 due to the liquidity issues I posted several times, at least until the end of Oct. The 40 wk FLD is also broken today and it will be probably the reason of a long trading range...

- kisa