Restructure - Tuesday, page-9

Thanks Jako

Good Moaning everybody.... a late post from moi today.....

Haven't posted for a while, partly because I'm busy, partly because the market is pretty much following what I said at the last post....the down move has to be played out, and the XHJ is still the strongest of the indices....


Yearly Highs and Lows

The high low summation took a step up against the flow of play yesterday. Most of this upmove was due to punters taking stocks to new highs rather than sending stocks to new lows. This is a positive, and the summation is staying above zero - also good.


Candles

Big red one (oh buddha but I'm fond of the bleeding obvious). A larger than average range but not exceedingly so and average volume. The OBV is starting to vacillate above the levels it did back in late September.


RSI

Finally hitting the OS regions. This is the area it's most likely to bounce from, and its also the area most likely to confirm a downtrend.



And a quick look at nov XJO seasonalities...The average is about -0.4%.
Having said that some short term trends can be seen how recent novembers have played out.



Conclusions?

Never easy.  We're in a turning point potential area, but I don't see a clear reversal pattern in the candles forming yet. Yesterdays down move was large, so there might be a subdued follow on - we might have got it out of our system so to speak.

Traders are still looking for bargains taking some stocks to new highs, so there is still a substantial portion of our market willing to take on risk.  The large stocks, those that move the market the most, are taking us down.

Should be an interesting day today, but I'm going to miss out. More exams and an audition today.

Have fun

American prog rock - such a thing!



Z