A focus on the SPX reveals several.........>

EQUITIES: A focus on the SPX reveals several important technical factors:

- A bullish environment has been in place since Oct 11. 

- The MA study establishes trend direction through the condition of slope which

is positive. It is also  clear that each time the market retraces to within

striking distance of the MA studies, support is found and the trend resumes. 

- Indeed, the most recent pullback has been this week. The move into territory

below the MA values has once seen the SPX find support and thus far the rebound

is encouraging for bulls.

- This week also highlights a key support at 3092.00, the most recent P&F low. A

print of 3090.00 is required to confirm a break of the support. If seen it will

potentially represent the first significant threat to the uptrend that began

early October. Direction in price would be down and the MA positive slope

condition would be threatened.

- If support at 3092.00 can hold and result in a recovery beyond 3126.00,

bullish conditions will again be confirmed. Watch support at 3092.00!

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