The ASX 200 closed lower with weekly momentum on the verge of turning increasingly bearish..

The ASX 200 closed the week lower near the midpoint of the 5705 - 5725 S/R area on TL support. It appears the die has been cast with bullish decreasing weekly momentum on the verge of turning increasingly bearish. A break below 5630 support w/conviction would further confirm bearish bias and would be a STRONG Short signal over the intermediate-term possibly lasting several weeks to several months..

The MACD formed a bearish down-cross during mid-Q2 with an increasing negative histogram which has further accelerated. 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 during mid-Q2, within the bullish continuation region and is continuing its bearish descent to overbought conditions (<80). Completed yet another bearish lower-high during the week, confirming this very bearish looking chart. http://bit.ly/2sOIWBc