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MARKET TEMPERAMENT –
Higher lows retested as we expanded slightly but into resistance before fading yesterday. Markets are mixed but traders seem to have found support they would like to attempt a lift beyond. That means that for now, support seems to be established. Pullbacks are likely to be bought here but our intermediate bearish tone still suggests that bounces will fade at resistance. We must continue to watch our edges carefully in this range bound space – particularly the higher lows if we are to remain with this sloppy updraft.