Quite a significant decline led by weakening momentum over the last few weeks. The bigger questions is whether this is the start of a deeper retracement of yet another ‘blip’ like we saw in mid-August. I don’t have the answer to that. If it is a decent decline then it should last about a month and take prices back toward 4400 as a minimum. Today saw the daily trend turn FLAT. Another significant negative session will see it turn to DOWN and defensive action take shape on any open positions – including the Systematic positions. If you have been watching my own you will see that they have been decreasing over the last week anyway, a reflection of broader market momentum loss.
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