completely unrelated - monday, page-12

XJO down -1.3%. Below is a Heiken-Ashi Chart for the XJO:

The Heiken-Ashi spinner reversal from Friday played out today. We now have a down trend confirmed. Volume today was a little below the last couple of days, but the 5-Day Average is above the 13-Day Average, so average volume has picked up in the last few days.

Here's a sector performance chart for the ASX:

The best performer (relatively) today was the Telecom Sector -0.1%. Even the Gold Miners suffered -0.7% even though Gold was up today more than half a percent.

I've been talking about the crucial importance of the Financials for the continued health of this market. XXJ (Financials x-Property) down -1.5%. Here's the chart:

Standard Measure Rule for a rising wedge is a fall to the lower edge of the wedge. That's about -10% from Thursday's high. That's about right for a correction.

Breadth was very poor today - so poor that it probably means bears are exhausted (short term) so we should get a consolidaiton or a move to the upside. Today's Volume going into Advances was just 259million. That's the worst figure since late June 2013. That was bad enough then to put a stop to the May/June 2013 correction. That doesn't mean that our market will turn around and resume its bull trend. But it's probably enough to call a pause for a day or three. I think we need to see a series of poor numbers in the next few weeks to put a stop to this pull-back/correction.



Redbacka