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Although the E-mini December S&P has NOT pulled back very much off of Friday's high at 1185.50 (this morning's pullback low so far is 1180.50), my work continues to argue for additional price deterioration into the 1180-1177 micro support area -- and possible a test of the trendline off of the 10/25 low (which cuts across the price axis at 1176.25) prior to the resumption of buying interest that drives the E-SPZ to new recovery highs. At this juncture, only a climb that sustains above 1185.50 will project to new highs in the 1186-89 area, which should conclude the upleg off of the 1163 pivot low from last Thursday.

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