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Weekend Chat 31/01 - Many Were Played, page-9

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STP16

476 Posts.

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31/10/20

10:10

Post #: 48548781
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Originally posted by bensh10: ↑

I agree, the broader picture is still bearish; and that has not changed yet.

On the fundamental front, however, the 5700-6250 run was largely driven by the budget. The early part in 5700s was speculative; while the main part (following mid-5800 gap up) was post news. Market is clearly re-testing its initial fundamental assessment re budget. The question is whether she thinks that initial assessment is valid or not. I think the answer is yes, and hence bulls may have a case here, even though it has not yet been reflected in the technicals (which are still bearish). On the other hand, it's election time, and that is anything can happen time.

See what the chart boss has in store for us next week.

Congratulations on that trade. Well done!

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I agree with your assessment. My thinking though is that if the SPX gets dumped the ASX comes along with it.

XJO Value at posting: 5,927.6
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