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Monday, November 07, 2011

Btw some important levels to watch. On the mlp index new support lies between 355-360. For the S&P 500 it is around 1220 and for the Nasdaq Composite its at 2600. Significant violations of those areas would be a big sign that bears are gaining the upper hand again.

Markets at the lows of the day. Dow down 45. Nasdaq down nearly 30 and the mlp index is down 3 points. Btw if the dow closes down by over 120 points we would have a negative key reversal. Now i would just point out that while positive key reversals like the one on October 4th tend to be meaningful, negative key reversals are a little harder to figure out and have a muddied success at forecasting downtrends.

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