| Weekly Trend: | Neutral | |
| Daily Trend: | Down | |
| Daily Momentum: | ___ | Up |
The ASX got an early bid on back of the leadership spill but failed to hold gains into the close. The markets remain vulnerable with swift downside potential the highest expectation in our view. The downside target for the local market is 3770 over the coming 2-months. It would take a move back above the June 21 highs to negate the immediate downside threat, albeit it would only postpone the expected trajectory. We retain our view that this weakness will not head toward the March 2009 lows.
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