XJO up today +0.48%. [IMG] The market had a shaky start and soon...

XJO up today +0.48%.



The market had a shaky start and soon after the opening was well down.  At around 11.00 a.m. the XJO started heading north and continued for the rest of the day.

In today’s candle you can see that the lower tail is about the same length as the yellow body – that shows how far down the Index got before it reached par and continued north.

The XJO still hasn’t managed to break out of its sideways shuffle.  It needs to break above the top of the Ichimoku “cloud” to prove its bullish credentials.  XJO finished to day at 5785.1.  The flat top of the “cloud” is at 5793.1.  That’s not much difference.  But the flat top of the “cloud” often forms a strong resistance.  If the XJO can close convincingly above that, we should see more bullish action.

Most of the stocks reporting today received a positive response from the market – but not all.  Final figures for the major stocks reporting today:

• CSL down  -1.5%
• Woodside up +2.6%
• Origin Energy up +5.4%
• Fairfax Media up +0.5%
• Westfield up +1.8%
• Stockland down -0.9%

RB.