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The S&P 500 Index had a very strong session as the day progressed on Thursday. The market closed at the highs, and this is essentially the beginning of the resistance at keeping it under control. We feel that the 1480 level will need to be overcome in order to be a longer-term buy-and-hold type of trade, but we do think that pullbacks will be supported. With this in mind, the uptrend line still shows us that there are plenty of buyers in this market, and as such we should certainly be long and long only.