The big news over the weekend has been the USA's credit rating being downgraded which has led to further selling in the futures market. We won't know the true effect this will have until the markets open and in particular the US opening this afternoon. If we look at historical data the probabilities of a major bounce from the current market are increasing. The market is also very far away from its Moving Average 50 on the daily chart and at least 50% of this distance will be recovered. If we take the current futures market low (5106) then the target is 5450.
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