The Australian market was well down in early morning trade. Intra-day buying trimmed losses. XJO down -0.3%. STW (tracking ETF for the XJO) down -0.15%.
STW hit oblique support and bounced relatively strongly. The STW remains range-bound.
XXJ (Financials X-Property) continued to be a drag on the market. XXJ down today -1.19%. Given that XXJ is around 40% of our market, the final result for the XJO was reasonably positive.
Looking at today’s candle, there was little intra-day buying in the XXJ. Until that improves, our market will continue to languish.
XXJ is very oversold, and a potential positive divergence is showing on the CCI, so there is some hope of respite in this bear market for XXJ.
Gold Miners:
Although up today, XGD suffered some intra-day selling. The Bands on the Dynamic Zone Stochastic are squeezing together so a move to the downside is coming soon.
Trin data today continued to be positive. Given the intra-day buying – we’ll have a good chance of being up tomorrow. But – anything can happen overnight.
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