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Technical bounces and snapbacks abound with this weeks series of charts as the markets go about their business of relieving the short term "oversold" conditions created by the last Tuesday's accelerated declines. With this next week including the Thanksgiving day holiday on Thursday, the expectation will be for a choppy week ahead as we continue to digest much of the news driven data that escalated last Tuesday's intermediate term "overbought" shake out.

Of special note this week comes with the German DAX index which was able to move to new price highs with the DAX advance/decline line again reaching overhead resistance that has held this A/D in check over the last 5 months. As has been the case over this same half year period, unless the bulls are able to overcome this "goal line" stand from the bears, the short term rising price trendline (shown in orange) will be in jeopardy of being violated to the downside to begin correcting this breadth to price relationship.

Overall, and given the interplay between the breadth and volume data shown with the cumulative charts, the markets covered in this weekly update continue to maintain an air of corrective behavior...from which high level consolidations, in the shapes of either a horizontal trading range or triangles, are likely to be the best resulting expectation over the next couple of weeks in many of the major asset classes.

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