XJO finished up today +0.52%. That made no difference to the sideways trend showing on the Heiken-Ashi Chart:
We continue to see the countervailing power of Miners/Financials. One up, the other down.
Miners:
XMM was down modestly -0.32%. The short-term trend is down.
Financials:
XXJ was up strongly today +1%. That was the major force in pushing our broad market into positive territory today.
XXJ continues to sit just under the 200-Day EMA. The chart is still not bullish enough to get exuberant about. Wait.
The Australian market continued to offer a defensive posture today with the strongest sectors Telecoms +1.7% and Utilities +1.5%.
XTJ:
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XTJ is in one of its usual counter-trend rallies.
XUJ:
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XUJ is in a strong up-trend. For the overall market - that's a concern. Utilities is a defensive sector and its performance is related in a general sense to interest rate movements. Utilities tend to do well when the overall market is weak.
U.S. markets will be back on line tonight. That will make an impact on the general direction of our market.
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Change
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