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In yesterday’s newsletter, we took an updated look at anticipated support and resistance levels of several of the broad-based ETFs. We then concluded our technical commentary by saying,”Now that the switch to an overall bearish sentiment has been confirmed, we are now patiently waiting for an eventual bounce in the broad market that will provide us with ideal, low-risk entry points on new short positions or inversely correlated ‘short’ ETFs.” This means our focus is now primarily on the short side of the market, as even ETFs with a low correlation to the direction of the stock market have started feeling the pinch of the overly bearish sentiment in the equities markets. However, patience to wait for the proper entry points is crucial because the ETFs with relative weakness that are on our radar screen as potential short sale candidates remain glued to their lows.

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