I can't see anything in the past few days to suggest the beginning of a major decline.
The Advance/Decline Ratio is 0.944.
That confirms the decline in the general market - down a bit.
But the UpVol/DownVol ratio was bullish at 1.43.
That's a distinct non-confirmation.
NewHighs/NewLows also were non-confirming at 1/0.
The currency is sitting stubbornly around the 0.92 cents.
Small Ordinaries outperformed the Fifty Leaders today
Small Ordinaries up +0.55.
Fifty Leaders down 0.3%.
In a bearish market we expect the 50 Leaders to outperform the Small Ordinaries.
So - this looks like a normal pull back to wear off a seriously overbought state.
Of course, I could be wrong. Things could worsen very quickly. But, at the moment, we must presume that the bull will resume its uptrend. Until an external shock knocks this market for six - expect it to continue upwards.
Having said that - leadership seems to be changing from the Financials to the Materials.
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