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The State of the Trend
By: George Krum | Sunday, November 11, 2012
Market breadth peaked on November 6th the day of the US Presidential elections:
And the indices have been in decline ever since, reaching our target of 1377
by the end of the week:
The market breadth cycle continues to closely follow the dominant cycle, and
the next upswing is expected to begin shortly, which will help stem the decline.
We also continue to monitor the similarities with the April-May consolidation
and subsequent decline, and keep an eye on the Election Year cycle:
In summary, the daily and weekly trends are down, but a sideways/up phase
is expected to commence shortly. The first resistance level to the upside
is 1391. The next cluster of support comes at the 1341 - 1355 level.
George Krum is the author of the "CIT Dates" blog and several
books available on Amazon.
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