of iron ore,gina & twiggy tuesday, page-30

In Australia:

Twenty Leaders -0.2%
50 Leaders -0.1%
XJO -0.2%
Small Ordinaries -0.4%
Financials -0.2%
Materials -0.0%
Consumer Staples -0.4%

Comment: A narrow range day, inside the range of the previous day, which was an inside day. hmmm. Volume was relatively low – about 80% of the 20-Day Average. Participants just weren’t interested today. The Buy-The-Dippers and the Sell-the-Ralliers stayed in their respective coffee shops today.

Technical Comment on the ASX200:
The XJO finished at 4325.8. Support resistance: 4261.7/4383.7.
Indicators:
Stochastic: 47.1. Mid-range.
RSI: 51.9. Mid-range.
MACD Histogram. Above zero. Positive.
MACD: Below zero. Negative.
CCI: –29. Bulls need this to rise above zero.

The medium term trend is up. The short term trend is up.

I’m still waiting on confirmation or otherwise for the reversal day last Friday – which I interpreted as “smart money” selling. (I think Jako calls it supply.) No follow through now for two days. And no counter-attack to dis-confirm that hypothesis.

On the plus side, the indicators have plenty of upside room.

On the negative side, the indicators have plenty of downside room.

Waiting on the FOMC.

Redbacka