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It is currently below its key 50-day moving average as well as the long-term trendline drawn from November 2012 (see Chart 2). That puts it in the midst of a meaningful correction, with a first downside target at support from the Feb. 5 low around 3,968. Adding to its importance, the 200-day average will rise to that level in the next week or so. But bulls, please note that is not far away from Friday afternoon's trading at 4,037.
Ideas Scripts Chart
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