Volume was well below average. Less than 1billion shares traded - that's unusual outside the Xmas/NewYear period. The Small Ordinaries were on the bearish side -0.1%. The Advance/Decline Ratio was also just on the bearish side 0.9:1.
The market is at a level where a reversal could occur:
- at support
- MACD Histogram at the Zero line
- RSI, Stochastic and CCI near their mid-lines.
Those indicators are, however, well above oversold levels where the probabilities strongly favour a reversal upwards.
The lack of volume support on a weak up-day suggests that this market wants to go lower.
So - until we see those oversold levels reached, I'll have to conclude that this market will continue to trend lower.
A big up day tomorrow would negate that bearish sentiment.
Good luck
Lance
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