News: Market Wrap: ASX negative after CBA drags, page-5

In terms of a pure T/A, I agree with Nova Star. I think there is a clear long term trend of a class A bearish divergence (trend weakening).

Definition: Class A bearish divergences occur when prices rise to a new high but the oscillator can only muster a high that is lower than exhibited on a previous rally. Class A bearish divergences often signal a sharp and significant reversal toward a downtrend.
http://www.investopedia.com/articles/trading/04/012804.asp


I think the piece that is missing is to use price in association with an oscillator i.e. MACD to highlight the divergence and then use volume to confirm the trend. Obviously this is a long term trend in the T3 timeframe (higher peaks & higher troughs), hence it will have different drives to that of a short term trend.



Beach Dingo: In regards to smart money exodus & signal of strength, I think you are partly right in terms of a T1 timeframe (higher highs & lower lows), but in regards to the longer term underlying trend, it could be argued the 'smart money' has been reducing over a period of time.