XJO (ASX200) -1.3%
XTL (Twenty Leaders) -1.2%
XFL (Fifty Leaders) -1.3%
XFJ (Financials) -1.9%
XMJ (Materials) -0.8%
Energy -2.2%
XSO (Small Ordinaries) -1.5%
We slipped further into the Slough of Despond today and another support level crumbled today. We?re getting close to the major support set up in the middle of 2010 ? around the 4200 level on the XJO.
Volume was high again today (similar to yesterday) ? but not what I usually consider extreme panic levels ? up near 2billion shares traded on the XAO. Today?s volume was around 1.36billion shares traded on the XAO. We might need to see an extreme volume day to washout all the bears.
INDICATORS:
RSI.9: 27.6. Below 30 is an extremely oversold reading.
MACD Histogram below Zero. Negative.
MACD below the Zero line. Negative.
Stochastic: 3. Extremely oversold.
CCI.14: -197.9. Just a smidgin away from an extremely oversold reading.
The oversold market became more oversold. Don?t pre-empt the market.
Just as a matter of interest. I have a short term contrarian buy/sell signal that I?ve developed and still testing. It tends to give sell signals on up days, and buy signals on down days. It?s last sell signal was nine days ago (an up day). Today it was within a smidgen of giving a buy signal. Let?s see how it goes.
Good luck
Redb
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