Part of the reason why our market refuses to move upwards is due to stocks with heavy weightings towards our index trading just below broken support (such as the resource majors). Then there are the others (such as the banks) that are at the height of their upwards cycle and look set for a correction.
BHP broke its H&S neckline at $32.70 on May 16, and the more time it spends underneath this price, the less likely it is that this support will be recovered. Notice how on both Tuesday and today it seems to have found a lot of selling pressure north of $32.30? Sooner or later the market will workout that if it can't go back up, then the path of least resistance will send it lower. Far lower.
Similar story with RIO when it broke $60.
Stocks such as CBA finds itself on the verge of a fall from the top of this channel.
Then you start to look at the more defensive stocks such as telecommunications and consumer staples and even they look to be peaking. The pattern between WOW's weekly stochastics and its price direction is telling. If you bet with history on your side, you would only be short on WOW right now.
It's very hard to find an argument to support the market bulls right now.
For those wondering (and I have been asked this before), I don't trade with charts as crude as this. I just follow the idea that less is more when explaining technicals to others :)
