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Because of the today's afternoon recovery, many technical indicators suggest possibility of further recovery. However, I would prefer to wait. The indexes are hitting the same top third times in a row (last three trading sessions) – we had two bounces down and we may have third one. In addition the longer-term charts are showing bearish sentiment.
Tomorrow, we will have minutes of FOMC meetings and we may expect higher volatility. The simple strategy could be recommended to wait the end of the session in order to see trend development after the announcements.
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