Our market opened with gains of more than thirty nine points and then gave it all back during the day. A small rally in the last hour of trade saw the XJO close up 12.5 points to complete a pretty soft day. Many traders may be reluctant to hold positions going into a long weekend as the ASX is closed Monday for the Queen’s Birthday public holiday. The index closed down 20.97 points for the week, taking losing weeks to six out of the last seven and three in a row. Our divergence indicator is still well and truly oversold and momentum still down so it will take more than today’s effort to facilitate a bounce of any sort. The Dow Jones put on a little over 75 points overnight but faded into the close and futures are down slightly in night trading at the time of writing.

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