XJO was down marginally today -0.1%. Volume was heavy – skewed by exceptional trading in Telstra (-10.6%) and QBE (-7.1%). Those are two heavy-weight stocks in the ASX. So I don’t think I’ll put much emphasis on the heavy volume today.
The XJO remains within the sideways trading range.
Breadth today was exceptionally good. That’s hidden by the big falls in Telstra and QBE. Cumulative Volume Index was strongly positive today.
Today’s XJO was mildly negative, but VIX was also negative. They normally trade inversely to each other.
That suggests that the market was also discounting the heavy trades in TLS and QBE which skewed the market.
The Relative Strength Index for VIX fell today into bearish territory (below 50). That’s bullish for stocks:
So, despite the negative result for the XJO today -0.1%, I’m looking at today as a positive day for the market.
RB.
Serendipity Friday, page-4
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Last
8,133.7 |
Change
-7.200(0.09%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,140.9 | 8,153.5 | 8,114.1 |
| XJO (ASX) Chart |