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If I understand your question correctly, try this:
Let's say you have 2 lists of data: A1:A8 and B1:B3. I am assuming that you want to highlight any value in A1:A8 that is also in B1:B3.
1 2 6
2 8 2
3 4 5
Select A1:A8 and use Conditional Formatting with this Rule:
If you change the values in either list, the formatting will follow the changes.
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