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The Short-Term S&P
The S&P broke the channel of Momentum Act in October last year. The market is already halfway broken because we did break the channel, he says. Longs are getting a little bit frustrated with new highs that don't go anywhere and then they make another high but it doesn't go anywhere. If you turn down in price now, you can't exactly define a level that says, oh, that's where support is, or I don't want to go below that.