The market was down -0.19%. Basically a sideways to down drift.
In the medium term the market has been trending sideways since September.
The most recent formation is an ascending triangle - which is essentially bullish.
These can, however, break either way. Until a clear break of the upper or lower support/resistance lines occur, its best to step aside.
The Advance/Decline Ratio was bearish today at 0.71.
The 50 Leaders (-0.1%) did better than the Small Ordinaries (-0.4%). This is bearish.
The Defensive stocks, however, did not do well. From this area of the market, Health was the worst performer (-1.0%). This reverses the action of these sectors from yesterday.
Also seeing a reverse today were the relative performances of Financials and Materials. Yesterday, Financials did better than Materials. Today, Materials did better than Financials.
This is just "Noise". Nothing can be read into today's market action.
The market remains in a sideways consolidation, with recent action leaning to the bullish side rather than the bearish side.
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