Following on the heels of yesterday's bearish trendline breaks on 6 of the 7 Major Indices, the SPX broke and closed below its uptrend line from the October 2011 lows in today's (Thursday's) price action, as shown on the chart below. Note that each candle represents three (3) days on this chart.
All seven Major Indices have now broken and closed below this major uptrend line in what could be a setup for a major move down. Any backtest of and subsequent failure to break and hold above the respective trendlines would confirm such a scenario. Of course, we may see continued (and even accelerated) weakness from here, which could send the related E-mini Futures Indices (YM, ES & TF) to their respective Head & Shoulders targets of 12400, 1330, and 735, inasmuch as their necklines have now been broken.
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