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The CAC futures fell significantly during the Monday session, breaking the bottom of two previous hammers that signals significant weakness in this market. Because of this, we think that we are going to continue in the recent consolidation area as are simply nothing to push the markets in either direction.
Because of this, we think there is a trade if you're willing to short this market and aim for roughly 100 points. We don't necessarily think this market about of meltdown, but rather just return to roughly the 3350 level. As for going long, we need to break above the 3600 level in order to consider it.