XJO (ASX200) -1%XTL (Twenty Leaders) -1.1%XFL (Fifty Leaders)...

XJO (ASX200) -1%
XTL (Twenty Leaders) -1.1%
XFL (Fifty Leaders) -1.1%
XFJ (Financials) -0.9%
XMJ (Materials) -1.2%
Energy -1.7%
XSO (Small Ordinaries) -0.6%

Comment: I was a bit surprised that today came back as far as it did. It gave up half of yesterday’s gains. Still it was an inside day on lower volume, so not a great deal of conviction in the selling. Small Ordinaries did better than the major indices, so that’s a positive sign. Advance/Decline Ratio was 0.86 – also not too bad for a -1% down day.

INDICATORS:
RSI.9: 51. Marginally above 50. Neutral
MACD Histogram. Above zero. Positive.
MACD . Below zero. Negative. (But rising.)
Stochastic: 53.5. Rising above 20. Positive.
CCI.14: +75.2. Positive.

No serious technical damage today. The chart is sitting right on support at 4140 (XJO finished today at4142.7).

Tomorrow? Probably a break below support. That will take out a lot of stops and could get some smart money buying. But we’ll have to see how it goes.
The biggest problem is that Europe and America both look toppy. If they come off to any serious degree – they will impact our market – and we could see a test of the recent lows. A break below there would be negative. Until that happens – I’ll keep my powder dry.

A bounce here would be uber bullish.

Intra-Day - AUD/USD

The Ozzie held up above resistance at 1.03 for most of the day. But in the last few minutes it fell sharply down to below 1.3. Not healthy.

Redbacka