There appears to be bearish divergences in most of the world indices.
Yesterdays selloff suggest a sharp pullback in the coming days.
The XJO has hit a major resistance level between 3800 and 3850. It also has hit an important fibonacci level (I have used the 5000 level as major overhead resistance and the low of 3100)
The Broadmarket indicators also suggest a selloff. There is bearish divergence between the McCleelan Oscillator and the XJO
I have also analysed CBA which looks like an excellent short opportunity.
CBA is now at major resistance both with trendlines and fibonacci levels (I have used the $45 level which represents the major resistance level and the low of $24). Not only that, but there is now confluent bearish divergences in most indicators with price action. Yesterdays price action showed a strong selloff from the high.
I envisage a sharp pullback in the coming days back to $33.
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