Yesterday’s inflation figures weighed heavily on the market as it dropped almost 1%, but found support at the pre-Easter opening level (4870). Overnight, news from The Bernank that everything is fine, but its not, so we will continue to stimulate, rallied all risk markets (except silver), and the Aussie market has opened up on digestion of this news.
The short term trend remains weak but positive on momentum, as it continues to reverts to the medium term trend (note red line on graph below). It’s pretty much green across the board going into lunch at 4900 points.
Daily candlestick with 15 day moving average (pink line) over 3 months
Click on full screen icon or download the full report here: Trading Day 28th April 2011
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