The market is trying its hardest to shake out the bulls without giving bears too much time to cover. You still have to lean long in this market, even with the early signs that the long term uptrend is straining to overcome geopolitical forces. I will probably be a buyer around the lows from last week around 1295.
We are consolidating the long term uptrend and it is quite violent, because the trend was quite long. Off the consolidation, I will have to see how sentiment is. We seemed to have shrugged off yesterday's weakness which is a good sign that any further selling will likely be limited this week.
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