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Look where the S&P 500’s 200-day moving average is

The 200 day moving average for the S&P 500 index is now perched at 1259 — just a point higher than where we closed out 2010, at 1258.

Look for convergence in this area before we move dramatically higher or lower — and it might be quite a battle, especially with the March lows for 2011 being set at 1250.

At this writing, the VIX is still over 21, so option premiums are relatively high.

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