Thursday Evening Liqueurs. 18 February, 2016.
If you were looking for a Morning Joe Report this morning - there wasn't one. Our friendly Electricity Supplier decided to replace the electricity pole outside our house today. So we were without power for most of the day.
XJO up today +2.25%. Volume was extreme today but influenced by Options Expiry.
The Chart has broken upwards out of the Descending Bullish Wedge. That's a big positive for this market. De-trended Price Oscillator (DPO) has broken up above its zero line for the first time since early January, another positive.
Bullish Rallies after steep down trends always have to face a Wall of Worry. The next levels of resistance for the XJO are the major horizontal resistance level from 2010-2012 and the 50-Day Moving Average. It might pause here, but it should be a short term event. The big issue will come when the XJO gets up to the 200-Day MA.
At this stage, indicators are not overbought, so more upside should be probable.
Risk-On, Risk-Off
Utilities continues to perform well, but relative to the XJO it is under-performing which suggests we have a Risk-On Market.
Just be selective where you place your bets. Financials are on the improve, but under-performing the Miners:
RB
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Last
8,103.2 |
Change
-6.700(0.08%) |
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