I've been watching the Broncos v Sea Eagles. The Birds won - the game was closer than the final scores suggest. The Sea Eagles - in the end, too big, too tough, too skilful, too experienced, but only just. The Birdies go on to play the Storm in the final. Ooops. The winner of the Storm/Warriors game. :)
XJO (ASX200) -1.6%
XTL (Twenty Leaders) -1.4%
XFL (Fifty Leaders) -1.5%
XFJ (Financials) -0.8%
XMJ (Materials) -3.5%
Energy -2.8%
XSO (Small Ordinaries) -2.8%
At 2.00 p.m. it looked like a great reversal up day. Then it all went pear shaped. Breadth was poor. Volume was higher than yesterday and about 137% of the 50-Day Average. But - we saw a string of higher volume days back in early August.
INDICATORS:
RSI.9: 31.9. Oversold.
MACD (zero-lag) Histogram. Below Zero. Negative.
MACD (zero-lag). Below zero. Negative.
Stochastic: 11.3. Oversold..
CCI.14: -199.6. Oversold.
8-DSMA below the 34-DSMA. Negative.
The XJO closed down at 3903.2. Below resistance around 3950. Plenty of indicators are showing "oversold" - but that doesn't mean they can't go lower.
The August intra-day low was 3765.9. A test of that level is still within the realms of possibility.
The market is close to a medium term bottom. Just where that will be is another matter.
Don?t pre-empt the market.
The trends are down.
Good luck
Red
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