Now to the daily chart, which shows the market trading broadly sideways since August. The moving averages indicate that the trend is down, and the trend line break last week supports that view.
The moving averages on the weekly chart also indicate that the trend is down. The market is trading within a down trend channel. I must say that I am slightly disturbed by the disconnect between the weekly chart down trend on the ASX 200 and the trend line break on the S&P 500.... makes it difficult to have high confidence in the moves on either market.