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Breakdown

This is a syndicated repost published with the permission of Slope of Hope. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

All it took was a single economic data point:

And things started breaking down in a real hurry. Here is the Dow Jones Composite.

My principal focus, financials, really took it on the chin. Just look at the broker/dealer index ($XMI):

At this point, our main enemy is the S&P 500, which has still respected support. We need to break 2945 on the cash index to get things really started.

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