The XAO was down 0.5%. That's a relatively benign figure.As shown with the trend lines on the chart above, XAO is at the top of an upsloping trend channel which has a bias towards an upsloping wedge shape (bearish).
So we can expect the market to take a rest at such a stage. Only if it breaks below the lower trend line can we call a resumption of the bear.
Small Ordinaries were down just -0.2% while the 50-Leaders were down -0.7%. That seems to give the risk takers an edge.
On the other hand, the best performing sectors in the market today were Consumer Staples and Health . And that's not the stuff to inspire confidence in the market.
I think we're in for a short period of downward movement. If we break below the lower trend line, we've got a resumption of the bear.
Cheers
Red
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