Junk Food Friday, page-2

XJO up moderately +0.51%.  Volume is holding up and is not at extreme levels.



We can see on the chart that the Index is still sliding sideways.  No overhead pivot points have been broken, and the Index is in a small symmetrical triangle.  Anything can happen here.  Wait.

The Banks have started to turn around.

ANZ +2.86%



ANZ is marginally above its 200-Day MA for the first time in about two months.  This now represents a solid test for it.  We might see a pullback here or a pause before more upside is seen, but this is looking bullish.

NAB +1.62%



NAB has finished a little below its 200-Day MA - that will also could prove to be a hurdle for it.

WBC +2.44%



Westpac, like NAB, has finished a little below its 200-Day MA.  It is also opposite a small congestion zone created back in early May.  That increases the chances that we'll see a pullback or pause in the ascent.

CBA +0.89%



CBA is well above its 200-Day MA.  Its momentum in the current two-day surge has been less than the other three big banks, but it fell less than the others in the May/June pullback.  CBA dropped around -11% while ANZ, for example, dropped about -16%, so those other three banks are now playing catch-up.

Let's not get too carried away.  There are swings and roundabouts.  While the banks have been gung-ho, the miners have turned a little for the worse.  In three days, they're down about -1.9%.  That's brought the XMM down to its 200-Day MA.  Hopefully, we'll see a bounce off that marker.

If we can get them working in unison (Miners and Financials) we should see a sizeable bullish move.

So far this year, XMM has been up +1.91% while XXJ has been up 1.5%.  (That might be a bit of a surprise given the amount of the falls in May/June in XXJ.)  But the two indices have rarely been in sync.  The market benchmark, XJO, is up +1.69%, just about in the middle of the rises for XMM and XFJ.

RB