hctv's are you being served monday, page-51

In Australia:

Twenty Leaders +0.5%
50 Leaders +0.5%
XJO +0.6%
Small Ordinaries +0.8%
Financials +0.4%
Materials +1%

Comment: A moderate day up on light volume (about 78% of the 20-Day Av.). Breadth (Small Ordinaries) was positive.

Technical Comment on the ASX200:
The XJO finished at 4105.1. Support/resistance: 4025/4140 (round figures).
Indicators:
Stochastic: 47.8. Negative
RSI: 51.1. Positive.
MACD Historgram. Below zero. Negative.
MACD: Above zero. Positive.
CCI: -5.28. Close to zero. Neutral.

Medium term trend is up. Short term trend is up.

Although the trends look positive, this market needs to prove itself by, once again, rising above our old friend 4140. A lift above that would be bullish.

Volume today was low - 78% of the 20-Day Average. But the 20-Day Average is at an extremely low figure. Go figure. Are we looking at a market devoid of Mums and Dads – scared off by recent bearish events – in which case today was carried by the institutions. In that case, the action was bullish. Or – was there a general dearth of buyers in the market – in which case, today’s action is suspect.

Looking at the intra-day action in SP Sectors, I’m somewhat heartened. The broad market was up early in the day, then drifted off until about 3.00 p.m., when it rose again. The lift in the market after 3.00 p.m. was carried by the sectors you want to see doing the heavy lifting: e.g., Materials, Energy, Industrials. They’ve been the weak sectors in trading since the end of April. To see them responding positively late in the day is bullish.

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