XJO down modestly today -0.35%. [IMG] Nothing dramatic happened...

XJO down modestly today -0.35%.



Nothing dramatic happened in the chart.  The XJO continues to hug the 20-Day EMA which is trending gently to the upside.

The only drama in today’s action occurred in Telecoms +1.7%.  That means, of course, that Telstra had a good day.  TLS up +1.81% after announcing a re-organisation of its top level executives.  Media pundits didn’t like the announcement, but what do they know?  The market liked it.  Here’s the TLS chart:



That takes TLS back to the 50-Day EMA which has been resistance now for some months. A decisive break above that should see a move up to test the 200-Day EMA.

Energy and Consumer Staples were more or less flat today, some other sectors suffered significant losses.
Gold Miners were down a little but showed plenty of intra-day buying.  XGD is looking solid:



After the poor action in overseas markets on Friday, we can expect some sort of positive action tonight.  

But Friday did technical damage which I doubt will be repaired tonight.

RB