The rally has posted an exhaustion count on the weekly chart. Broke the sequence of 6 negative daily performances. The overnight rally has been sold into and there is scope for further bearish pressure going into this morning. A break of bespoke support at 2799, and the move lower is already underway. The bias remains mildly bullish but there is scope for a move in either direction at the open. Preferred trade is to buy on dips.