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Despite last week’s sharp surge in the VIX, the daily chart shows that the downtrend was tested, but has not yet been overcome. The ten- and 20-day MAs crossed on January 25, which was a short-term negative for the market, but as we discussed previously, the chart's trend still has not changed. After the steady decline from the 2009 highs, it may take more time before a sustainable bottom is completed.
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