Wednesday 7/7

Well not only did the mrket reject prices in the lower part of the previous trading bracket it went straight into re-trace mode, attempting to fill the space above.
Fund managers all excited about the prospects of the new financial year,with there money bags burtsing with cash freashly garnished out of other peoples salaries ready to have a lash at it. You could almost feel the excitment from there little work pods all over the city.A brief pause at the point of control, before the RBA's desision and yippy io
up we went with good volume.Well so far it's failed.... where trading back inside the bracket.This is normally a very bearish signal , however lets no put to much of a damper on youthfull enthuasium we should at least let them have a go at a double top, fill the space and complete the curve.
Looking at the leader the S&P 500 you will see that the bearish failure is indeed in place in fact it did'nt even make it out of the trading bracket. Not to say it can't make another attempt, but for now caution is a good word from my perspective.Support for the S&P500 is around 1018.If they manage to get our market higher today watch for a sell off into the close.