The market couldn't hold 5600 just after the open yesterday and that counted as yet another false break above key resistance at 5600. We had discussed on Tuesday that if we saw another false break above 5600 we would likely see the market drop towards 5300 for the rest of the week. Will we drop further?
Unless we see any spectacular news comes out on Europe which at present looks unlikely (given the the list of European countries approaching default keeps rising) this could be the start of the next leg down of this bear market.
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