The market got walloped today and if nearby supports break we will most likely fall a lot further in the coming month. We need to remember that the market has come a long way and without any significant pause. As much as we like price to travel higher without hiccup, its an unrealistic expectation. As far as the All Ordinaries goes the important support stands at 3700 and the ASX-200 is slightly higher at 3714. There is a small line of diagonal support right at todays lows (which we’ll discuss in the ASX-200 review tonight in further detail) but quite frankly I’m not that much of a believer in diagonal support prefering horizontal. As per our materials sector review last week we expected further declines in the resource universe but I also note that the energy sector held up nicely today. We’ll see how the US travels in the coming week but for now momentum has shifted to the bear side and our daily trend filter is at risk of rolling over.
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