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S&P Continues to Rally to New Highs

We’ve seen a lot of bullish strength in the U.S. stock market lately with new highs forming for the S&P and NASDAQ. SPY is showing very nice bullish momentum above the white resistance line, and continues to trend up as we wait for June CPI and PPI data over the next few days. The forecast is bullish for this upcoming inflation data, and the markets are rallying in anticipation of this bullish news. At some point SPY could retest the white trendline as support, but for now the price is way above the white resistance line and continuing to show bullish momentum.

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