Technically the MKT is in a NEUTRAL DIGESTIVE position with a slight negative bias. Opportunity exists on both sides of the MKT but "choppy" sideways trading conditions should be expected.
On the SELL side BREAKOUT strategies are valid but should expect a laborious trade. Work any position, covering on emotional sell-offs and re-entering on any sharp pullbacks. Expect a choppy trade and be aggressive on minimizing profit give-back. FADE and REVERSAL strategies are recommended off major resistance levels. The probability is to the downside today but is not a day to press it.
On the BUY side avoid BREAKOUT strategies but rather FADE a negative reaction after a positive breakout signal. REVERSAL strategies are recommended over FADE strategies off major support inflection points as "sloppy" trading conditions are expected. Any FADE trades should get confirmation or a negative exhaustion or turning point signal before executing. Position management adjustments should be anticipated for all longs as sideways trading conditions can quickly erase profits.
Note: The MKT is in neutral and is more likely to go nowhere fast. Don't get stubborn however if the MKT starts to get into trend mode as the contract may just be expanding its digestive parameters, producing a one way trade into the close and new extreme.
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