Chocolate Icecream Thursday, page-2

Hmmm.  Tonight, I think a lot of cane toads are looking for solace in something stronger than a Chocolate Drumstick.





XJO up today +0.5%.  Nothing much changed – just continuing the up-down-up-down process.  (I'll leave it to Hoots to make the obvious R-Rated analogy.)  

The chart still looks like a bear flag.

Only one sector was down today and that was (drum roll please) Financials.  Down -0.75%.



XXJ is oversold and trying to find a bottom – but any upside is likely to be a counter-trend rally.  Continue to avoid.

The big surprise today was Energy, after the American Energy Sector was down overnight.  XEJ up strongly +2.4%.  It was the best performing Oz sector today:



This is a 1/2/3 upside break and takes the Index well clear of the 50-Day MA.  More upside seems likely.
The other big mover of the Oz market is Materials (XMJ), up strongly today +1.61%.



Major support/resistance was tested yesterday, and today the Sector bounced strongly.  More upside seems likely.

XMJ remains my preferred sector for finding trading opportunities.