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Monday, November 15, 2010

Initial /ES Support Holding -- So Far

The initial /ES support zone we were watching on Friday has held on several tests, although additional downside risk can't yet be ruled out for the markets near-term. While last week's low on the $SPX did test and bounce off support at the 20-day SMA, a decisive move above the /ES upper descending channel line is now needed to improve the technical landscape. After scanning over a thousand charts over the weekend, however, the intermediate and longer-term picture continues to look quite bullish.



Trade well.

-- Brinkley
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