Bit late tonight. I went to a performance of King Lear. My favourite quote from the play: "Nothing will come of nothing". Well - nothing much happened on the market today. Of course - the ironies built into that quote are endless. So we'll wait for an interesting outcome.
In Australia:
Twenty Leaders -0.0%
50 Leaders -0.1%
XJO -0.1%
Small Ordinaries -0.5%
Financials -0.1%
Materials -0.5%
Consumer Staples +0.3%
Comment: A narrow range day on volume a little up on average (about 105% of the 20-Day Average). The sector structure is typical of a turn time – weak Small Ords compared to the 50 Leaders, weak Materials compared to Consumer Staples. All put together – the probabilities are to the downside.
Technical Comment on the ASX200:
The XJO finished at 4262.8. Resistance at 4437.4 (in the heavens). Support at 4245.9.
Indicators:
Stochastic: 91.7. Overbought.
RSI: 69.9. Close enough to the overbought level of 70.
MACD Histogram. Above zero. Positive but losing momentum.
MACD: Above zero. Positive.
CCI: +173.2. Very overbought.
The medium term trend is up. The short term trend is up.
The 10-Day EMA is a above the 20-Day EMA. Positive.
The market took a step back today – not surprisingly. At this stage it is still consolidation. A big down day would give a three day reversal pattern. But we might get more consolidation – or, improbably, a big day up. If that happened I think we could be sure that would be the last for a few days.
At this stage, I’m favouring a short term pull back.
Friday in America is the Jobs Report. We may not get much action until then.
Redbacka
- Forums
- ASX - By Stock
- XJO
- ho hmu its wednesday
ho hmu its wednesday, page-43
-
- There are more pages in this discussion • 2 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add XJO (ASX) to my watchlist
(20min delay)
|
|||||
Last
8,214.5 |
Change
-8.500(0.10%) |
Mkt cap ! n/a |
Open | High | Low |
8,223.0 | 8,228.3 | 8,200.0 |
Featured News
XJO (ASX) Chart |