A number of big money managers must have had a bad lunch yesterday, because the market really started to roll over just after midday; however it was good to...

A number of big money managers must have had a bad lunch yesterday, because the market really started to roll over just after midday; however it was good to see a strong final hour with the market finishing above 5400. That goodwill should give way this morning, with our opening call just below that figure, so it will be interesting from a psychological point of view to see if the bulls come and support prices. After a 7% rise in the market since May 2, perhaps a few money managers will be looking to take some off the table, and an upside break of the October high of 5450 seems tough going in the short term, especially given the good selling that came into the market around 5420 yesterday. A period of consolidation looks likely. - (VIEW LINK)