give the buyers more money - thursday, page-8

Above is a Candle Stick Chart for the XJO.

In Australia today:

50 Leaders +0.4%
XJO +0.4%
Materials +0.7%
Financials x-Property +0.6%
Small Ordinaries +0.3%
Gold Miners +2.3%
Mid-Cap 50 +0.1%

In the Western Pacific today:

Nikkei -0.09%
Hong Kong +1%
Shanghai +0.68% (Shanghai is closed this week. The figure quoted is for last Friday.)
Singapore -0.14%
NZ +0.03%

Today was a clear reversal day. Up, then down, although it finished on the positive side. Volume was low. Not much conviction from either side. Bulls pushed it up early in the day. Bears easily sent it back down later in the day.

Technical Comment on the XJO (closed at 5234.9):

Indicators

RSI9: 50.5. Positive ( just).
MACD Histogram. Below zero. Negative.
MACD: Above zero. Positive.
Stochastic: 15.4. Oversold.
CCI.14: -56.2. Rising above -100. Positive.

This is what I said yesterday: “The market is mildly oversold. The consolidation at the low suggests further downside. But – while this chart remains above the 40-Day TMA (blue curved dashed line) we have to presume we’re still dealing with a bull market.” Nothing much has changed. The market is in a holding pattern.

Redbacka