Weekly Wrap. Week ended 30/8/24XJO for the month of August went...

Weekly Wrap. Week ended 30/8/24

XJO for the month of August went nowhere. That's right -o.oo%. Not a great result for the month.

For the past week, XJO was up +0.58%

Here's a daily chart for STW, an ETF tracking the XJO

The chart remains in an up-trend holding above the three short-term EMAs, 5/8/13. The chart hasn't been below the 8-Day EMA since 12 August.

This week saw some weakness on Wednesday and Thursday, but recovered to finished at near term resistance on

Friday. All time high was set on 1 August, just above the current level.

Dow Jones

Dow Jones is also in an upside trend, finishing this week a little ahead of its high of 31 July. Friday saw heavy volume which is not unusual for the last day of the month. Friday also created a new all time high.

Force Index is showing a negative divergence to price, so buying seems to have fallen away since the middle of August but sellers haven't stepped in to send the index backwards.

MACD remains bullish, but isn't showing strong momentum. It wouldn't take much to send the Dow into a downside movement. But - until that happens - it's best to stay with the trend.

ASX Sector Performance

The big winners this week were Financials (XXJ) +2.15% and Property (XPJ) +2.21%. The two resources sectors were also up, Materials (XMJ) +0.68% and Energy +1.13%.

Worst performers were Technology (XIJ) -1.66% and Discretionary (XDJ) -1.47%. XDJ was down largely because of a big fall in Wesfarmers -1.97% for the week, after a disappointing report. Harvey Norman also was poor, falling -6.3% on Friday.

Long-Term Investor Index

The 10-Day MA of my LTII remains above its zero line this week. Long term investors can continue to sleep easy at night.

That's all for this week.

Watch the charts and take care.