Taking this back to the threads topic for a brief second, looking at my 3 month chart of the SP movement, despite the shockingly low SP, the MFI is worryingly still not in "oversold" territory which i find amazing.
The MACD isn't completely visible but I think at it's levels it's not giving much direction anyway.
In terms of the Bollinger Bands we are trading within these so considered "fairly priced" based on the time-frame and movements.
The Exponential Moving Average and Simple Moving Average are coming closer together and a crossing would apparently be an indication of a change in sentiment/direction so fingers crossed.
It's the Money Flow Index (MFI) that gets me. I'd have thought for sure we'd be in oversold territory by now but it implies we have further to go.
Anyway, just my amateur interpretation of the technicals. Doesn't necessarily predict anything but then again, the fundamentals aren't doing that either so...
I'd have used a larger chart however, Westpac's trading platform is performing about as well as it's share price at the moment
SXY chart, page-174
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