| Weekly Trend: | Flat | |
| Daily Trend: | Flat | |
| Daily Momentum: | ___ | Up |
We mentioned last night that the technical picture suggested a near term was imminent and it seems we may have found it. Today saw decent weakness on back of numerous factors, including a weak lead from US equities and base metals, as well as strong selling in Japan that weighed on Asia. In an ideal situation we’d like to see the local market rotate in a sideways band for another week or two before dropping lower, but of momentum picks up right now we could be on our way toward that larger target area that has been discussed in the nightly reviews. Trends remain flat, both weekly and daily, and the broader range is also well intact. I have no immediate directional bias but do favour downside over the coming months.
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Wed, Feb 24, 2010
ASX Commentary