The market is at a turning point. It is in an intermediate downtrend but is near primary support. Technically it is in bad shape, but sentiment is so poor here that a break of primary support does not appear to be likely just yet.
Essentially, the market does not offer a very good set up on either the long or short side at this point. It is better to focus only on the areas that offer a strong trend. Transports, banking and housing are in strong downtrends, so these are areas to focus on. It's best to avoid everything else as choppy trading is likely to persist.
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