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This chart contains the weekly action in the $SPX since the 2009 bear market low. Along the various bottoms I%27ve drawn a trend line, which currently would provide "theoretical support" around 2,600. I use the term theoretical, because all support is "theoretical" until it holds. As I write this the market is in a wicked correction. One can see from this chart how far price action has diverged from trend. One can never know when a catalyst will occur, like corona virus or oil price war, that will serve as a mean reverting event. We have two as I write this note.
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