I thought today was boring. And most will find my offering tonight in a similar vein. :)
XJO (ASX200) +1.4%
XTL (Twenty Leaders) +1.4%
XFL (Fifty Leaders) +1.4%
XFJ (Financials) +1%
XMJ (Materials) +2.7%
Energy +3.1%
XSO (Small Ordinaries) 1.3%
Comment: A solid up day with Materials and Energy doing the best. The defensives were mainly under pressure (Consumer Staples -0.3%, Health +0.5% and Telecoms +0.3%). Volume was high – too high for the degree of the run-up today. I think there was a lot of selling in today’s figures and not just in the defensives. But the relative performance in the sectors was supportive of more upward movement.
INDICATORS:
RSI.9: 41.9. Needs to get above 50.
MACD (zero-lag) Histogram. Marginally above Zero. Neutral.
MACD (zero-lag). Marginally below zero. Neutral.
Stochastic: 16.2. Oversold.
8-DSMA below the 34-DSMA. Negative.
The XJO closed at 3962.4.
The XJO continues within the confines of a down trend channel. That needs to be broken to the upside. I won’t be happy till I see a 8/34 positive x-over. And given paranoia – I probably won’t be happy then. :)
At this stage, the trends are down. But the bounce off support provides the bulls with some hope.
Don’t pre-empt the market. DYOR.
Good luck
Red
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I thought today was boring. And most will find my offering...
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