We are now 1,000 points off the lows and have broken above the down trend line from August. The broadening top looks finished for now. The most worrying sign is the declining volume in this rally. Due to Columbus day it might have been relatively easy to move the markets substantially on relatively light volume today, so tomorrow's volume and move will be more critical.
I remain bearish in the medium term because none of the problems in the global financial system have been fixed however the markets got way oversold [in the short term] last week and that presents opportunities. Sunshine for a while then new lows next year.
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Last
8,590.7 |
Change
1.400(0.02%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,589.1 | 8,610.0 | 8,550.2 |
| XJO (ASX) Chart |