I view the current market action as a mere re-bounce since its short-term uptrend has already broken. You may also note that the MACD indicator has also done a negative crossover, which is a SELL signal. The immediate resistance is at 913, where the market may close the gap created yesterday (July 17). Thereafter, the next resistance will be at 919/920 levels (see Chart below). I believe this re-bounce is likely to run out of stream between the 913 & 920 levels. As such, I would recommend those who are overweight the market to sell into this rally.
![](http://photos1.blogger.com/blogger/1282/3140/320/CI%27s%20daily%2020060717.png)
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