XJO is in an overbought condition. An inevitable dip will likely be bought into in my opinion. The S & P 500 is not as overbought as our market and is at 4060 with resistance around 4100. An inevitable retrace will likely be bought into.
Markets as we all know can remain overbought for some time.
The Dow and the XJO have both seen a very recent Golden Cross (50 sma cross above 200 sma - in Jan). The S & P 500 is closing in on a Golden Cross.
Markets traditionally look forward.
23/01 Indices, page-401
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Last
8,295.1 |
Change
68.800(0.84%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,226.3 | 8,319.4 | 8,226.3 |
| XJO (ASX) Chart |