quicky cranker thursday, page-63

In Australia:

Twenty Leaders +0.3%
50 Leaders +0.3%
XJO +0.3%
Small Ordinaries +0.3%
Financials +1%
Materials -0.8%
Consumer Staples +0.5%
Energy -0.1%
Health -0.0%

Comment: Volumes continue to be on the low slow – impacted by school holidays. But today’s volume was the second highest in the last nine days. (The highest was affected by end of quarter activity last Friday.) The benchmark index (XJO) was only up modestly. Given the higher volume today (relatively), the bulls weren’t making much headway.

Technical Comment on the ASX200:
The XJO finished at 4452.4. That’s now a small overshoot above the long term resistance level at 4437.7
Indicators:
Stochastic: 92.3. Overbought.
RSI: 71.9. Overbought.
MACD Histogram. Marginally above zero. Positive.
MACD: Marginally above zero. Positive.
CCI: 149.8. Overbought.

The medium term trend is up. The short term trend is up.

The risk/reward ratio for entering at this stage is not propitious.

I looked at trading today and thought it was relatively aimless - held between between Pivot and R1 (with minor overshoots either side to take out stops).

The intra-day action looked like a three push up movement - which means the next move is likely to be down - if only moderately. But - a lot can happen overseas tonight to negate that thesis.

Redbacka