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When it comes to the broad market, the Wilshire 5000 is the broadest of all. This index has been steadily moving higher and now finds itself back at its 2007 highs. A breakout above line (1) in the chart above would be a good sign, as it would reduce the likelyhood that a double top is forming.
Keep an close eye on this index because its action over the next few weeks could tell us a ton where the S&P 500 might be this summer and at the end of the year!