Buy Nothing Friday, page-4

Thursday Evening Liqueurs. 24 November, 2016.

XJO finished flat today +0.01%. Volume was above average. This sort of scenario is not unusual coming into OpEx Day - which occurs tomorrow.



Today's narrow range was, of course, assisted by small changes in overseas indices last night.

Looking at today's action and overseas action last night, suggests we'll see little movement in our market tomorrow.

Next week? Anybody's guess. But we are nudging up into levels where a downside move could occur. If we go higher, then a downside move sometime next week is likely.

Here's the biggest threat to the Australian market:



CBA is the largest stock by capitalisation on the Ozzie market. It has now reached overhead resistance. RSI is overbought at 70.1. Much more upside in CBA seems unlikely. A move down by CBA is more likely. And that will likely affect our whole market.

RB