Market Comments midday, 24 September, 2010

At mid-day, the XAO has broken marginally below the low of Wednesday last week - a critical level. It has also broken marginally below the 13-Day Moving Average.

The RSI has formed a clear head and shoulders top and the W%R has broken below its mid-line.

Unless a recovery occurs in the afternoon, this looks like the start of a bigger retracement.

We shall see.

Cheers

Red