The 1,300 level for the 500 index has been key support/resistance a few times over the past 12 years, see chart below. (see here)

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Below is an update on the key 1,300 level for the 500 index.

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Is 3% above a line a huge breakout? NO, yet it is progress towards one.  As the mid-caps move onward to all-time high prices levels, this is quality price action that is taking place in the broad 500 index.  1,300 now becomes short-term support.  Idea action would be for it to come back down and test it as support!

At this time I still favor/am overweighted the mid-caps   (see post here) and  the drillers (OIH/IEZ).  Drillers picked up almost 2% yesterday while the 500 index was up around 30 basis points.  So far, nice relative strength in this sector.

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