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The State of the Trend

For weeks, we've been monitoring this chart and expecting that SPY & SPX will break down from the bear flag. That happened last Thursday:

On Friday, the futures bounced off support at 1100, and in the process market internals got relief from a very oversold condition:

This opens the door for a retest of 1100 and 1080, and should those immediate support levels fail, the measured move projects down to about 970 - 990:

Resistance sits right above at 1150, where the pivot line and bottom of the bear flag meet:

 

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