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Excellent post Blueice

IMO, the markets are just going to fluctuate, range trade (bt 12800-14000) and be volatile until data confirms how the US consumer faired over Xmas and US winter holiday season. That'll tell us if were (US) going into recession or not.

For the record, i think the US consumer will weather the storm. Wage growth is too strong.

But until that data is 'out' )and/or 'realised' - as opposed to been 'unrealised'), fear will prevail and psychology will dictate trading