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The SA40 Cash Index has traded to the resistance target highlighted in the Technical Tuesday report. We were waiting for either a break or reversal at this level (45480 to 45650) which seems to be occurring (although not completed) at present (circled red). If the reversal completes, range traders might consider this a short opportunity favouring a move towards initial support at 44350. A close above 45650 might be considered a failure level for the range trade, with this scenario (should it occur) suggesting an upside breakout in stead.