"Goodmorning...Last week we ultimately saw a bounce off oversold levels and a run towards the descending trendline. The indexes did not quite make it to that trendline but we suspect it will make another attempt in the days ahead. Although the primary trend that started in March 03 is still up, since January we have been in what technicians would coin as an intermediate decline. That decline should be in the later innings if we are to sustain the longer-term upward bias."
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