| Weekly Trend: | Down | |
| Daily Trend: | Down | |
| Daily Momentum: | ___ | Up |
The ASX seemed to find its footing today and play some catchup after its very weak performance of late. All in all there is still a long way to drag back from recent losses but there are many stocks showing Island Reversal type lows or blow-off’s. The US market has made a very strong recovery from its jitters but may gain some more ground tonight after Spain took action against its woes. I’m still not convinced about this rally, even if the US is making solid headway. We had suggested a bounce and intent on watching the volume. The higher we can bounce here the less downside pain we should endure as this larger correction unfolds. If we bounce back to where we fell from then my larger downside target of 4000 may be off the agenda. But its early days. We’ll stay wary and cautious. Trends are still down but momentum has turned higher once again.
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