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fib_1618

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Breadth wise, both the common only and composite NYSE breadth advance/decline lines once again snapped back to or towards their intermediate term declining tops lines. Until these trend lines of negative resistance are breached, the bears will continue to control of the overall action.

The good news for this week is that we did see upside breakouts in both the common only and the composite NYSE breadth advance/decline lines suggesting that the 3 month correctional period is now complete. The next near term challenge for the bulls is to take out the reaction highs seen at the end of August on both of these charts. Based on the McClellan Oscillator, however, this shouldn't be too much of a problem as we have already taken out these comparable reaction highs this past week.

Elsewhere, the NYSE preferred advance/decline line was indeed able to hold its longer term rising bottoms line and even moved to new all time highs on Wednesday before settling slightly lower on Friday. The NYSE bond CEF advance/decline line also had a good week as it closed at new all time highs on Friday. As long as these "canaries" continue to make higher highs, this informs us that liquidity is more than ample to provide the fuel necessary to see higher price highs in stocks in the not too distant future.

Both the NYSE REIT and precious metals advance decline lines continued to find good support last week and remain in constructive configurations.

Finally, the XAO, FTSE, and DAX advance/decline lines all showed breakouts above their accelerated declining lines as well on the back of the performance of the U.S. markets. It will be important for the bulls that they continue to build constructive texture in their patterns over the next several weeks or the upside of the indexes themselves will be limited in amplitude if not all out choppy events.

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