"..a break would also likely violate the long-term uptrend in place since 2001."
Looks more like a three year down trend to me but then you can make a chart say anything if you get creative enough. It might be more accurate to say a break below 1180 would break recent support.
JFF7
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"Markets can remain irrational longer than you can remain solvent". - John Maynard Keynes
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