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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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* If the dots don't connect, gather more dots until they do...or, just follow the $$$...

Art Deco Xmas Lady

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Thursday, November 08, 2012

Bearish Trendline Break on the S&P 500 Index

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.