MARKET TEMPERAMENT –
Traders are holding deeper support after a failed bounce yesterday, This bodes poorly for upshot but I want you to still pay close attention to the support levels, as I suspect they will try to bounce off the bottom once more. Market volatility continues on its upswing and decisions for swing traders remain muddled. Watching levels carefully, the failure of the e-Minis to hold 2710 will be a key foothold in the space for buyers. Should buyers fail to recapture this level today, we will slide down to levels seen on the climb up. Choppy bottoms are still likely as people continue to try to form a valid supposition they are willing to hold to for more than 15min. More whipsaw ahead in the weak bounce this morning, but still remember bounces are squeezes here and we are very likely to ride longs into resistances that collapse as time continues. Watch your levels.
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