The Institute for Supply Management's index of non-manufacturing plummeted to 41.9 from 54.4 in December, its largest monthly decline on record and a far greater drop than Wall Street expected. A Reuters poll of economists had produced a median expectation of a drop to 53.0
Guys I hate to cast a shadow but its going to be a while before we get good news. This is a bear market and will stay that way until there is statistical proof that there is no recession in the USA or that its over i.e decreasing unemployment etc. Until then look for short plays this previous week was a gift not a trend. If we don't test the lows now we will soon resistance is futile. If we don't make a new low then maybe its turned until then the bear is here.
It is beautiful how we bounced off the upper resistance line yesterday. Just a pity I burned my fingers on predicting the lower resistance line 3 weeks ago and was too afraid to get into the shorts this morning.
open the allshare index chart and have a look from the 19th NOV to the 28th Nov then draw a straight line across starting at the bottom of the candle sticks and you will see we bounced off that line, cheers.