In Australia:Twenty Leaders +0.1%50 Leaders +0.0 %XJO -0.1%Small...

In Australia:

Twenty Leaders +0.1%
50 Leaders +0.0 %
XJO -0.1%
Small Ordinaries -0.9%
Financials +0.6%
Materials -1.1%

Comment: This is fun. :) Day after day, we have the market closing near par. Five days in a row now. And that hides so many stories. If you were a day trader newbie today, you got creamed. The experienced ones made a packet. Whip saw after whipsaw.

Just a few snippets. Flat finish, but Small Ords down almost 1%. What does that smell like to you. (Hint – think beef steak on a barbecue.) The best two performing sectors were: Telecoms +0.9% and Health +1.5%. Both Defensives. (Actually, Info.Tech split that pair, but it is so small and so erratic, it should be forgotten. But – it oftens acts as a defensive. Odd.) Once again, Materials and Financials traded inversely to each other. If they get their act together, this market might show some direction, one way or the other.

Technical Comment on the ASX200:

The XJO finished at 4333.9. Between S/R: 4310/4365 (round figures).
Indicators:
Stochastic: 68.3. Below its signal line. Caution.
RSI.9 is at 63.4. Positive.
MACD Histogram. Marginally below Zero. Neutral.
MACD. Above Zero. Positive.
CCI.14: +62.7. Falling below +100. Caution.

So – we’ve had five days in a row with the Index closing near par. First four have long upper shadows – indicates selling. Today had a long lower shadow – indicates buying. Looking in context, we have tests of the upper consolidation boundaries followed today by a test of the lower consolidation boundary. At this stage, it looks like a draw.

Let’s see what tomorrow brings.

Redbacka