Much of today is overall market related. The 200 has been WEAK...

Much of today is overall market related. The 200 has been WEAK since the open. Typical selling before data in Aus.

The drop is pretty funny really. It's a non-binding offer. BETs value proposition is literally unchanged. The USA is still a monster market. Tripp is still cosy with Rupert Murdoch. Everything that was last week, is this week.

Also for the uninitiated, technical analysis works a good portion of the time not because the past predicts the future, but because everyone who uses technical analysis use the same techniques, so you get enough people following the same principles, you often get the outcome they are all expecting because they all behave in a predictable way. This is called a Schelling Point: Cooperation of entities which have no communication with one another. If a large portion of people understand very similar truths, then their shared reality is very likely going to represent what they believe.

Over a long enough timeline, TA patterns have been learned and shared, now you have thousands of traders looking at the same things, therefore their actions will push and pull in the same direction much of the time.