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Globe editors have posted this research report with permission of Phases & Cycles Inc. This should not be construed as an endorsement of the report's recommendations. For more on The Globe's disclaimers please read here. The following is excerpted from the report:

The bull market remains in good shape, but the S&P 500 needs a strong and sustained move above 2,400 to resume the major uptrend.

Given the continuing near-term possibility of a decline downward from the trading range, stops should be set to align with risk tolerance. The bottom line is that Leg 5 still has considerable upside potential, and any corrective period will be followed by more new all-time highs.

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About the Author
President of Phases & Cycles Inc.

Ron Meisels, President, Phases & Cycles Inc., has been active as an Analyst since 1971. He was Vice President and Director of Technical Research of Nesbitt Thomson (now BMO Nesbitt Burns) from 1982 to 1990. He was ranked among the top three technical analysts by Canadian Institutions for six consecutive years (Brendan Wood Survey). More

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