XJO (ASX200) -3.4%
XTL (Twenty Leaders) -3.3%
XFL (Fifty Leaders) -3.3%
XFJ (Financials) -3.6%
XMJ (Materials) -3.8%
Energy -4.7%
XSO (Small Ordinaries) -3.5%
Yesterday the XJO reversed at the critical downtrend line and today momentum accelerated to the downside with a major horizontal support being broken.
Volume was up ? the highest of the past five days. But still not especially extreme. Volume today was less than the 10-Day Average and a little more than the 50-Day Average.
INDICATORS:
RSI.9: 36.2. Oversold.
MACD Histogram above Zero. Positive.
MACD below the Zero line. Negative.
Stochastic: 60.7. Below its signal line. Negative.
CCI.14: -34.2. Below zero and headed down. Negative.
Today was so bad we might get a bit to the upside on Monday, but I think the market will test the 4000 area before any sign of a sustainable rally. If volume doesn't pick up appreciably, we could be looking at a bottom around 4000.
If 4000 crumbles then we may be looking at a lot lower.
Good luck
Redb
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