Thursday Night Liqueurs. 27 October, 2016.
XJO down today -1.2%. The Index was actually up on the opening, but then gave up ground. An indecisive move into the lunch time session occurred, but then, in the afternoon session, the index collapsed.
The Index is now down to the 200-Day MA. As mentioned several times, this is my preferred scenario. Down to the 200-Day MA - and then rise.
Volume today was high. That suggests that the bears are capitulating.
It's Options Expiry tomorrow in Australia. So we may not see much change in indices.
We've had two days of big downside moves. It amounts to 2.71%. The market is now down to 200-Day MA, after serious downside on high volume. I think this is about as far as it will go.
I'll be surprised if this isn't the end of the bearish move down. Expect more upside action from here.
RB.
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Last
8,674.6 |
Change
6.400(0.07%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,668.2 | 8,714.6 | 8,668.2 |
| XJO (ASX) Chart |