Spot Price: 120.59
Technical Analysis:
Short taken on the rebound to the Cloud bottom at 120.65 from the new trend low and the MLR"s 1% envelope base at 119.80 o/n. Using a tight stop above the cloud bottom for now. Hourlies went from o/s to o/b and are sliding at midrange. Dailies remain bearish while prices are below the cloud bottom.

The market strategy is Sell at 120.50 target is the 200-day MA at 119.60. 119.80 is 1st support.