In other words, the market initially priced in a significant improvement in housing demand, before quickly taking some of that optimism back.
From a technical analysis perspective the slip back below the 200-day simple moving average (SMA) at 2,190p is bearish with the 25-to-28 September price gap at 2,074p likely to get filled in the near future.
The question will then be whether the early September, 21 and 24 September lows at 2,034p-to-2,026p will hold and whether the Bellway share price will be able to recover from there.
If not, the psychological 2,000p region and the June-to-October support line at 1,978p may be revisited.
While the September trough at 1,933p holds on a daily chart closing basis, though, the medium-term uptrend is deemed to stay intact.
For the bulls to re-enter the fray a bullish reversal and rise as well as daily chart close above the August peak at 2,240p would need to be seen.