hctv presents mythbusters monday, page-34

Disco, Well done again. Had me in stitches.

In Australia:

Twenty Leaders +0.3%
50 Leaders +0.3%
XJO +0.3%
Small Ordinaries +0.7%
Financials +0.4%
Materials +0.7%
Comment: Once again the market went to 3410 (3109, to be precise) and then retreated. Volume was on the low side (83% of the 10-Day Average). Even for LVM (low Volume Monday) that looks just a tad too low. The bulls took the market up to resistance, then the bears stepped in a said, Enough and sold it back down. Nothing drastic – but enough to be concerned that this could happen, once again, right at resistance. If resistance is to break, we want to see the index just zoom right through it. It ain’t happening. The market was off about 20 points from its high and up about 14 from its low. %age wise, the day finished below the mid-point of the day’s range – it lost nearly 60% of the initial gain.

Technical Comment on the ASX200:

The XJO finished at 4290.8. Below major resistance around 4310 (round figures.)
Indicators:
Stochastic: 78.8. Positive.
RSI.9 is at 59.3. Positive.
MACD Histogram. Above Zero. Positive.
MACD. Marginally Above Zero. Neutral.
CCI.14: +84.1. Positive.
The indicators suggest more upside is available.

I think there’s a bit more in this – but not much. A big down day with the bears dominant would see much lower prices. We haven’t seen it yet. We could even get a marginal break of the 3410 area – but be careful about assuming too much if it is just a marginal break.

Redbacka.