S&P 500, December 15, 2010

Bottom Line:

• Short term trend is down
• ARMS finally rose above 1
• OEW pivot support at 1222 and 1187. Pivot resistance at 1240 and 1261
• Long term trend is up.
• Mid-term trend is up.

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The question is whether the short term trend change can cause a mid-term trend change and bring an end to the wave we have been enjoying since August

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