I mentioned last week that I thought that the marketing would reverse on Wednesday … it reversed on Tuesday and rose up through until Friday.
I am still cautious about the market moving into a decline. Currently the All Ordinaries index is making lower swing tops and lower swing bottoms; also it has broken below the 3489 level which now means to change my bearish bias it would have to break above 3572.5. The resistance levels for the rise are 3510 and 3526.
This Monday, August 23 is a reversal day; I expect the All Ords to turn down and decline through at least until Thursday.
Someone asked me this week what this report means to their analysis of shares. NOTHING!!! Just because the All Ords is expected to go down it doesn’t mean that all stocks will.
Check out AMC, MAY and CML, see if you notice certain market action on each of these stocks … I’ll write about them next week.
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