While overnight inventory is mostly Long there was no follow thru in the overnight session - Friday's high at 1407.50 was exceeded by just a tick. Yesterday's rally was on poor Volume. Unless we can take out the 1407 level convincingly - the risk to longs remains very high. Yesterday's POC at 1400.50 was prominent and has good odds of being revisited and is a significant reference. Acceptance below 1397 may trigger a liquidation.
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