After taking a beating in the morning session, the ASX 200 rallied to close almost unchanged. The long tail and rising 21-day Twiggs Money Flow indicate short-term buying pressure. Follow-through above 5360 and the declining trendline would suggest that the correction is over. But reversal below 5240 remains as likely and would warn of a test of primary support at 5000/5050.
* Target calculation: 5350 – ( 5650 – 5350 ) = 5050
The ASX 200 VIX is creeping upwards, but remains at levels typical of a bull market.
