the 200 DMA is right now at 1539 or so, and declining, I am estimating that it will decline to the 1500/1525 toward the end of the year serving as the first major resistance area. That number also coincide to an average of prior bottoms and tops in the recent decline (particular congestion in the phase II of the Nassacre. It also coincide to a 50% retracement from the March highs (1946, which other work indicates as a possible future high of the current cyclical bull) and the October lows (1108).
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