no one home wednesday, page-60

In Australia:

Twenty Leaders -0.1%
50 Leaders -0.1%
XJO -0.2%
Small Ordinaries -0.7%
Financials -0.3%
Materials -0.0%
Consumer Staples -0.2%
Comment: A big reversal day off oblique support on average volume. hmmm.
Technical Comment on the ASX200:
The XJO finished at 4123.9. Close to our old support/resistance level of 4140.
Indicators:
Stochastic: 43.3. Negative.
RSI: 49.1. Marginally below 50. Neutral.
MACD Historgram. Below zero. Negative.
MACD: Above zero. Positive.
CCI: -34.9. Below Zero. Negative.

That was a remarkable performance by the XJO today – bouncing off support. It looked good to me. But I've been fooled before. We still need to see follow through buying to confirm.

At this stage, the market action is supportive of a continuation of the shallow up trend channel marked on the chart. A break lower below the support line of that channel would be bearish.

Let’s see what tomorrow brings.

Redbacka