S&P 500 Index closed last week up by 1.74%, creating
though a local bottom in the $1.292-$1.300 area.
As mentioned in previous analysis, the short term resistance
is at $1.325 and an eventual break of it will set the market for further
growing towards the $1,353 level which represents the 50% Fibonacci retracement
of the May decrease.
In spite of the overall negative sentiment in Europe, the
market could raise until the new elections in Greece that will take part in the
middle of June.
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