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March 12 S&P 500 Update – SPY Continues Trading Around the White Trendline

February CPI data came in slightly hotter than expected. The market had a very interesting reaction, and was green during pre-market hours despite this hotter than expected inflation data. $SPY opened with a slight gap higher at the white resistance line, and but has been gradually decreasing with a rejection at this resistance line.

$SPY and $QQQ have climbed back above their respective resistance lines.

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