| Weekly Trend: | Down |
|
| Daily Trend: | Down | |
| Daily Momentum: | ___ | Down |
The hot news of the repealing of the Resource Tax got an early bid into the market but that soon faded through the day. The market finished basically unchanged, and technically weak. That said, the US market finished firmly off their respective lows and in a very oversold position. It would not surprise me to see a bounce of some minor degree over the coming week but again I stress that bounce should falter below the June 21 highs. I would also suggest that without any bullish divergence here that any bounce won’t be well supported and therefore a ‘lower probability’ trade for those looking to fade. I’d be more inclined to await the bounce and reset shorts again.
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