| Weekly Trend: | Down | |
| Daily Trend: | Down | |
| Daily Momentum: | ___ | Down |
The market gapped up a little on open today but held itself in a relatively tight range. Gaps like today rarely are left unfilled so expect at least a small reversal of the 2-day form in the coming week. All trend and momentum filters remain down and will stay that way until we see price close above the 4750 – 4800 basis the XAO. The one thing to watch out for is bullish divergence if we do see a double-dip back through 4500. Remember that that area is decent support, so any probe down and through that is rejected could well be quite a bullish statement – if it happens. 4500 is also the lower boundary of the trading range that has been in place since September last year. Really all we’re doing is rotating back and forth inside that range making trading difficult.
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