Good morning
Our main target for the week was reached yesterday at 5718 and at this stage I do not have any lower targets to warrant positioning short for.
We have discussed the nature of this decline for some weeks now and the fact remains we are not seeing an impulsive decline. For this reason I do not categorise this move as the start of a longer term decline / bear market. Longer term subscribers will know that as long as the market avoids an end of day close below 5470 the overall market remains in a bullish trend and anything you read or see on the TV is just noise until this is observed. We have a quarterly expiry tomorrow and this could signal the end of this decline. Any move towards 5600 would be a good buying opportunity.
Today's magnet stands.
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