After early gains on Fbm sudden buying in late AM session, fkli turned defensive in PM after 3 pm, factoring in fbm inability to sustain above 30 and selling intensified after 4pm when Europe, -1%, and DJ futs -70 , head south in late Asian hours.Mkt tone generally turn tech weakness after 1330 support was violated around 3.45pm.
A shame that mkt fails to sustain above 1330, diminishing hope of “parking” it near 40-50 for the week and in danger a pullback towards 1300 first if mkt weakens further. The last defence seen at 1320. Immediate resistance is lowered to 1330-32. Below 1330, sell tone.
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