International Youth - Friday, page-2

Thursday Evening Liqueurs. 11 August, 2016.

XJO down -0.64% after some afternoon buying lifted it off its lows.



CCI is now below its zero line. That's a bearish sign. The chart has fallen below the 20-Day MA. That's another negative.

Plenty of support lies below, so we'll see how that goes.

The big news today was the Westpac Report. The banking group reacted negatively.



Above is the Westpac chart. Down -2.56%. A day ago, indicators were showing negative divergences, and those played out today.

We've now had three bank reports. ANZ was the first. The market reacted positively. ANZ is still the best performer in the four banks.

CBA was the next to report, which came out yesterday:



The chart reaction in the past couple of days is very similar to the WBC chart.

Both showed a possible negative divergence on indicators - and down the chart went.

Clearest on both charts is the negative divergence on the MFI. It seems that the market "knew" that their reports would not be well received.

Whether or not we'll see more downside in our market - I don't know. But the downside in the longer term seems assured.

RB.