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MARKET TEMPERAMENT –
Yesterday’s bounce has faltered after a sharp upward test of resistance near 2681.5 Bounces will be continue to be weak in the current indecision. Watch for more choppy price action today. In terms of relief, we have seen a bounce from 2627 to 2684, so a deeper fade before another bounce is not unlikely. Keep alert as lost support will likely hold into lower support with the current morning formations. In general, we will remain engaged in bearish motion with sharp bounces leading to fades. We can trade both sides of this, but with caution.