Tue. p.m. 16/11/21.  Australian stock market performed poorly today.

XJO down -0.67%.

Today's candle is a bearish engulfing candle pulling down from overhead resistance.  

Obvious support lies with the 50-Day MA which coincides with the Supertrend Line (1.5/7).

If we get a bounce off that we can expect another assault on overhead resistance.  Maybe this time it might crumble.

I expect some more downside before we get a move back up.

Breadth today was poor with 508 stocks rising and 908 stocks falling.  Only one sector was up today - Information Technology (XIJ) up just +0.2%.

Materials (XMJ) was the worst performer -1.7%. 

The three-day candlestick group is bearish.  It has found horizontal resistance too much at this stage.  Expect more downside.