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Wednesday, SPX down 12 of the last 16.

Today’s U.S session is a warning to bulls that this break out may not have legs. Normally breakouts like the one we had yesterday leave bears for dead, but the buying is weak.

With that and my belief there’s unfinished work at the 7th May low makes this market difficult to commit to in either direction.

FTSE broke 2 Year resistance in March, then rallied to all time highs (just), yet now nearing the end of May and it hasn’t gone anywhere.

The days of the Bull market fierce rallies seem to have gone, and since Jan 2013 you could hold a FTSE position in either direction and eventually see a profit. That suggests any position in any direction, as long as its small and you have plenty of margin, will eventually come good no matter how bad a trader you think you are.