The ASX 200 continues to strongly underperform other global markets. Unlike its bullish international counterparts, the perennial underperformer appears on the verge of a breakdown to the 5570 - 5610 S/R area. Weekly momentum remains bullish decreasing, however with a bearish bias once the Stochastic displays overbought conditions (<80), probably over the next few weeks.
The MACD formed a bearish down-cross a couple weeks ago with an increasing negative histogram. Awaiting bearish confirmation signals either from the Stochastic displaying overbought conditions (<80) or if a price breakdown occurs with conviction. The Stochastic formed a bearish lower-high a couple weeks ago, within the bullish continuation region (>80). Continuing its bearish descent to overbought conditions (<80). TL support is the last line of defence until the 80.0 - 82.0 S/R area. http://bit.ly/2sO0zQd