Yesterday we had some light selling with the dow moving down +100 points but overall the markets remained unchanged again. We are dealing with an empty market and yesterday we had the first newsflashes about a lack of bid orders so you can see that this market is anything but normal. Therefore we remain careful and keep the advice to sideline or trade this market with very small positions.
On a technical level this means we are still moving sideways and are consolidating. The overall sentiment remains and we look for recovery towards a first target at 11500, followed by a move over 11600. We could however see some more selling towards 11300 first but that is a bit of a guessing game at this stage and in this market. This is also the reason why we are so careful in this abnormal "market".