Friday and today were narrow range days on low volume. This suggests that the "Smart Money" isn't interested in buying into this market at these levels. A retracement back to support is probably in the offing. If the 13-Day SMA holds and we get a bounce on good volume, then the uptrend is probably a sure thing.
A break below 4640 on good volume would suggest a medium term bearish movement.
That's no foregone conclusion.
Today - the market barely moved. The XAO down -0.02%.
In America, no significant news is expected until Thursday. Our market will probably be in a narrow range until then.
Breadth on the Australian market remains positive.
Small Ordinaries was up strongly today, +0.9%, while the 50-Leaders was down -0.3%.
The Advance/Decline ratio was modestly bullish at 1.25.
Good luck
Red
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