Fluffy Slippers Wednesday, page-2

XJO flat today +0.12%.  It was up in early trade then slid downhill for most of the day.



Today's candle shows as a stumpy, narrow-range day which sold off intra-day.

Once again, the Index attempted to break above near-term resistance and failed.  

The short-term trend channel remains up, but indicators are heading south.

An index can attempt to break-out only a few times, before it fails and then heads south.  We're close to that point.

Our market remains hostage to the XXJ (Financials).  They were up  strongly today +0.82%.  That's a positive but were unable to break above near term resistance.



The double bottom on this chart suggests a test of the 200-Day MA.  Let's see how it goes.

ANZ is the best performing of the four big banks.  It is currently at the top of the Standard Error Channel - and that usually means a reversion to the mean - or a bigger drop.  So I'm not hopeful of further support from XXJ.


RB