XJO up strongly again today +0.96%.
The current five day movement has been very strong. In the past five days we’ve seen three days up >1%. In recent history that’s unusual.
The MACD Histogram is, however, showing a negative divergence.
The XXJ (Financials) has been the driving force behind this rise.
It’s been up every day for five days in a row. That’s been an increase of 6.28%
XXJ is now looking at resistance of the 200-Day MA. That’s the big test.
Indicators are now overbought – so a failure at the 200-Day MA is likely. What happens after the pull-back is most important.
We haven’t seen a movement like this in XXJ for a long time. It might mean that the bear market in the banks is over. But we still need more evidence before the bulls can claim victory.
Add to My Watchlist
What is My Watchlist?
 (20min delay)
|
|||||
|
Last
8,603.0 |
Change
7.200(0.08%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,595.8 | 8,616.8 | 8,589.5 |
| XJO (ASX) Chart |