XJO up today +0.54%
The trend continues up. Indicators are overbought, but RSI5 continues to rise into the stratosphere.
When we see a fall in the RSI%, we’ll have a pull-back in place.
Given the strength of this trend, any pull-back is likely to be bought.
Breadth today was weak. Advances/Declines Ratio was at 0.85%. Anything below 1 is bearish.
The strong performance today was largely due to an improvement in the banks after ANZ reported.
ANZ +2.35%, NAB +1.73%, Westpac +1.43%, CBA +1.88%.
XXJ chart:
This looks like a “JUMP ACROSS THE CREEK” bullish reversal in the Financials.
The Index still has plenty of overhead resistance, but when a reversal trend takes place, it is usually unstoppable for some time.
XJO is, of course, not dependent on the Financials. It counts for a powerful influence, but if other sectors weaken and XXJ strengthens, any pullback is likely to be mild.
Buy the dip.
RB
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Change
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