Following Friday's and Monday's session, we were expecting a bounce back in the 1335-1345 area.

Nevertheless, with today's "reversal", we fear that the next downleg could already have started.

For sure our key indicators improved slightly today, but as long as they remain in negative territory, they are pointing to a downtrend => we are in a rebound, not in a trend reversal (for the time being).

In this context, we decided to short half a position @ 1318.62 due to the sharp intraday reversal.

We will short the second half @ 1338 (if/when we reach this level)

Current position: 1/2 short @ 1318.62

Have a nice day,