Today more or less repeated the previous two days. Down a bit (-0.7%), but nothing to get excited about. Volume was ordinary.
This still looks to me like a bull flag developing.
The past four days, the market has been located between the 9-DSMA and the 18-DSMA. A break above or below one of those should provide near term direction.
The market took on a slightly more defensive tone today.
- Small Ordinaries: -1.3%
- Twenty Leaders: -0.5%
The Advance/Decline Ratio was 0.63%. Low - but not especially so.
So - I think today was more "noise" than definitive action.
I still believe that in the longer term (e.g., the MACD is below the Zero line), the market looks bearish, but in the shorter term, the odds favour some more upside (e.g., the MACD is above its signal line). The pullback over the past three days has been on lower than average volume.
A big down day tomorrow would change all that. A big up day would be a short term buy signal, IMO.
Cheers
Red
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