A nasty spot to have been long overnight.
The painted over weakness in the 3 and 7 day averages has been washed away at the moment. Further weakness will take out the 13 day EMA, so things could end up x0F. The 54 day average at about 310 is a reasonable spot more serious weakness might be contained. The 52 week at about 300 is the suggested bottom of the summer range.
xMF only has appeared 6 days in about 5 years, it’s not bad, sort of a slightly weaker xCF. x0F has appeared 17 times, and has been negative, even for trend following longs.
