SPOT CABLE - weak bounces keep signals bearish

2 of last week's downside targets were met as selling pressure continued. The fall from the 50% correction to the Jun-Oct’16 decline deepened into a 3rd down week in a row and took CABLE to the most negative levels traded for 5 weeks. In addition, although the 100/200 day mvg avg area was not effectively broken, rallies were limited and prices continue to track the lower end of a falling Keltner channel. With these factors in the background, our call for this week is a Sell but leaving room to Sell any Rally to 1.2965, Tuesday’s open. The risk is 1.3023, last week's high, with an immediate target of 1.2811, the 6 week low. A move through that point then exposes sentiment to 1.2706, the 8 week base, or even June’s 1.2589 low point.