| Weekly Trend: | Up | |
| Daily Trend: | Up | |
| Daily Momentum: | ___ | Up |
The market was slapped down through the course of the day after China suggested that the global economy could double dip and that they’re still intent on fighting inflation. As has been discussed in depth over the last few weeks in the ASX Chart Research, we’re right at the zone of reversal as far as the ASX is concerned. This goes against what the broader US indices are telling us, so something needs to give. Either the US indices are going to do a ‘fakeout’ or Australia is going to have to assert itself a little more on the upside. Time will tell, but we’ll again be taking a closer look at the ASX-200 (XJO) in tonights chart research. Momentum has certainly waned in the last week and volumes are also very low.
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