Linest formula

Can someone please tell me what this formulae does?

=LINEST($L$7:$L$27,$E$7:$E$27^{1,2,3,4,5,6})

more specifically the ^{1,2,3,4,5,6} part?

Thanks in advance
Lovi

the {1,2,3,...} is an array constant. the ^ is the "raise to a power" operator. So this part raises the array of known_x's to each of those powers, resulting in an nx6 matrix that LINEST() uses to find the coefficients of a 6th order polynomial.