Finally we got today's action, a large range reversal with heavy volume under overbought condition and extreme bullish sentiment. Not sure if it is game over for the entire rally since March, there are cluster of supports at 950-970 level. we will definitely have some sort of rebound at these levels, But subsequential downside breakout from there will also probably trigger Dow theory sell signal which will confirm that primary trend changed again.
My Strategy is to buy into these support and monitor quality of the rally. A lower high in this incoming rebound will be a good entry point to short.
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