Market Comments 21/10/2010

This is looking less and less hopeful for the bulls.

• MACD below its signal line
• Two day break below the uptrend line from late August
• RSI.14 below 50

Until the market breaks below the 4550 area on the XJO (or 4600 on the XAO - All Ordinaries Index). Perhaps this is just a counter-trend rally providing a buying opportunity.

Cheers

Red