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Perfection
SPX’s Madoff like trend channel stays intact. So far, a perfect small reversal in the upper part of the channel. Resistance around 5320, supports are: 5240 and then the bigger 5200 area, where the trend channel is low, as well as where the 21 day moving average comes in.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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