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After several hours of trading, once again we notice that the recovery action has failed to inflict any sort of damage to the dominant downtrend. To do so, the E-mini March S&P must hurdle and sustain above 1190.25. Otherwise, all we have is a traverse of a down-slanted trading channel within the unwinding downtrend. Frankly, it is both remarkable, and disconcerting (in a general sense) that the e-SPH has remained so sluggish for the second week of January- after a terrible performance during the first week of the month. Increasingly, this is warning us that the indices likely are headed for-- and "need"-- a washout to the downside prior to the emergence of sustained strength. For now, the bears remain in directional control.

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