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S&P 500 breaks above top of recent trading range, levels to watch

The index has traded in a narrow range for the last several sessions, but this morning price has moved above the top of that range. With the index last at 1467.94, resistance is at 1470.96, a pivot high from October 2012. Support is at the high of the range at 1467.94. The recent price action of the last several days could be seen as a bullish flag. Given that index patterns have a very high failure rate, it may be prudent to see if the 1470 area can be held and cleared before declaring the pattern as active.