After about a week straight of steep losses, today's break below 15-Mar's 94.52 low confirms that the intermediate-term trend is down and steeper losses could follow in the next week or two. The next technical level of any sort of merit is 05-Jan's minor corrective low of 91.40. But given the impulsiveness of the current downturn, this market would probably have no problem blowing right through that level and down to 85.00-87.00 area.
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