International Nurses Friday, page-2

The momentum from yesterday carried through in the morning session.  The XJO then faded for the rest of the day to finish up marginally +0.05%  Volume was on the low side, but the number of issues traded was above average.  

An analysis of the Advance/Decline data today is interesting.  A/D Ratio was mildly bullish at 52.8%, but AdvancingVolume/DecliningVolume was very bearish at 34.9%.

So there was a lot of relatively big sales in a relatively small number of issues.

The big banks today had varied results:  ANZ -0.31%, NAB +0.31%, -0.09%, CBA +0.42%.  All experienced intra-day selling today.  On balance, however, they did a little better than the broad market.




If today's candle occurred at the top of a substantial uptrend or at the lower end of a substantial downtrend, I'd be concerned.  I'm not so sure that it is highly significant after the previous day's strong bounce off a downtrend.  Maybe I'm wrong.  Even so - It would take another big down day to confirm that the downtrend has resumed.

I mentioned yesterday that the RSI had given a tentative "buy" signal.  That was confirmed by a tentative 'buy" signal on the CCI today.  Only the Dynamic Zone Stochastic needs to give confirmation.
The long-term trend is up.  The short-term trend is indecisive.

Let's wait.

RB