The market stalled in NY trade at a technical support level near 117.55 and with fundamentals still bullish alongside the trend, any stalling will have the market immediately thinking re-bound. But these rebounds will be shallow in my opinion and further heavy option-related stops down through 117.50 and 117.00 will surely be targeted, just like yesterday sub-118.00.
I’m looking to sell into rallies towards 118.20 intraday with targets sub-117.00 later today.