If the ASX 200 can bounce from this Point of Control at 4180-4200 (as it seems to be doing this morning) and if it can close above the 10 day moving average at 4239, that will be an intermediate trend buy signal - with a stop loss placed below yesterday's low (4170).
If the market turns back down from here and closes below yesterday's low then I will be far more bearish on the immediate prospects for the market.
The really bullish case can't be made for our market until it closes above the 200-day moving average at 4300. Until that happens I remain sceptical that any rally will last.
