Fibonacci Wednesday, page-20

Wednesday Night Liqueurs. 23 November, 2016.

XJO up strongly again today, +1.31%. Volume was still below average (about 91% of the 20-Day Average). Strong up move on low volume - sounds a bit sus to me. Sellers holding off?



Short-Term Stochastic is overbought - but nothing else is showing significant danger. Indicators are creeping up - but nothing to get too worried about.


Here's my Z-Score chart for the Ozzie market:



It's getting up towards the overbought level of 2, but not there yet.

This tends to be a leading indicator.

So, although the market has been exceptionally strong the past two days, we could see more upside.

But - maybe not tomorrow. The XJO chart is hard up against horizontal resistance. Expect a pause, or maybe a little downside before the Index takes off again for a final thrust to the upside.