XJO flat today -0.1%. Today we saw the inverse of yesterday. Today we were down early in trade, then recovered those losses. After that, we had a slow drift through the day to finish flat. Basically, the market doesn't know what to do - so it's hedging. Going sideways.
It could be argued that the XJO is now in an upsloping, bullish channel. If that's the case, (debatable), then we should be looking at a move up to the top of the channel. (We can hope.) Short-term, the XJO continues to drift sideways.
Looking at the sectors, we see an unusual arrangement:
Financials and Materials were both up. Everything else was down. That's unusual. Together they are the biggest sectors in our market >60%. If both are up, we usually see a degree of correlation across sectors. Not today. With only two sectors up, breadth was weak. The standard interpretation is a bearish one. But it's difficult to make sense of the current situation. Maybe this is more end-of-financial-year madness.
RB.
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