ASX 200 Brief Commentary 6th July 2016

This is a brief update due to travel.

There are two sides of the market at the moment: positive and negative.

Positive is the fact that the index made 61.8 % Fib retrenchment of the fall at 5282 (the range from 5424 and 5051). In theory, a 61.8 retrenchment will lead to higher prices after a pull back.

What’s negative is that the index felt through the trendline and closed below it today.