Hmmm ... as previously the last three sessions saw distribution and reluctance to confirm thru 5000 or retest 4940 despite our indicator giving the lead we needed confirmation.
The DOW answered the question overnight and triggered the SHORT entry at open ... trailing stop at 4940.
Noteworthy that the July bounce up thru 5150 had the bulls thinking the worst was over but all too quickly we have seen price breakdown back to near 4800 which is actually quite critical given the strong probability that a failure here could be another cliff. A couple of possible numbers could be 4690 and 4540.
Likewise, DOW is similarly poised and tonight could break support at 11400 with possible retests at 11100 and July low at 11820.
FTSE off -70 and DOW Futures off -20.
Cheers ... tight stops.
This is only my view ... read the black stuff.
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Last
8,603.0 |
Change
7.200(0.08%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,595.8 | 8,616.8 | 8,589.5 |
| XJO (ASX) Chart |