Market trading down this morning

The ALSI opened fairly unchanged this morning but has since dropped over 1% and is trading at 24350 at the moment.

The above chart is the JSE Allshare Index that we posted on Monday for a potential head and shoulder pattern forming. As of this morning it looks that the forming of the right shoulder is almost complete.

Short term traders can look to short stocks or indexes here, except for gold related securities. If it breaks down, we expect it to reach the 26 000 level within the next 5 days.

Start small trades and add more weight if the trade is in your favour.

There is no significant news expected from abroad, but in SA we're expecting retail sales figures out later today.

Safe trading.