The market took an early thumping aligned with US weakness but did extremely well to actually close in the black. Off the sessions lows the market dragged itself back 58-points, or some 1.5%. What we’re looking at is a possible false break – remembering that I suggested a few days ago that this was possible because so many people were focused on the same level, and secondly some Type-B Bullish divergence. Now I don’t normally take too much notice of Type-B and I will never trade off it, but its some supportive evidence nonetheless. That said we have now locked in a lower swing high pattern (refer Resource Library), all our trend and momentum indicators are pointing down and we’re coming into reporting season both here and the US. Bottom line is that a single positive day doesn’t reverse the immediate threats.
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