Looking at the 25x3 H/L chart above post today's action, the market touched an intra day high of 5,951, so the 5,950 box got filled (ie the market moved from 5,925-5,950). There remains overhead resistance at 6,000 and I remain of the view that the recent break of support at 5,875 was significant. So despite today's action, the pattern remains more bearish. But the bears need to get the market down on Monday, ideally from this level or from 6,000 at worse. If we get a pump up above 6,025, i'll have to go back to the drawing board.
On the 25x3 chart based on the closing price, the index finished the day at 5,938, so we ignore the intra day high. Today's action has disrupted that nice downward sloping pattern of lower highs. Again, I think that recent move below the horizontal blue line after so much support is significant but the bears need to get back in with a 3 box reversal - a fill of the 5,825 would confirm the short term bearish trend. If it moves higher on Monday/Tues, i'll have to re-assess.
Looking at the 25x3 H/L chart above post today's action, the market touched an intra day high of 5,951, so the 5,950 box got filled (ie the market moved from 5,925-5,950). There remains overhead resistance at 6,000 and I remain of the view that the recent break of support at 5,875 was significant. So despite today's action, the pattern remains more bearish. But the bears need to get the market down on Monday, ideally from this level or from 6,000 at worse. If we get a pump up above 6,025, i'll have to go back to the drawing board.
On the 25x3 chart based on the closing price, the index finished the day at 5,938, so we ignore the intra day high. Today's action has disrupted that nice downward sloping pattern of lower highs. Again, I think that recent move below the horizontal blue line after so much support is significant but the bears need to get back in with a 3 box reversal - a fill of the 5,825 would confirm the short term bearish trend. If it moves higher on Monday/Tues, i'll have to re-assess.
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