The S&P 500 Index ($INX) seems to be testing support at the 1,091 level over the past several trading days. This same level was reach in early November and early December. At the same time downside trading volume does seem to be losing momentum. Given the strong market advance since March of last year and elevated investor bullish sentiment, investors might want to focus on lower valuation stocks with lower PEGs (P/E to growth rate) and lower debt levels.
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