Shades Friday, page-2

XJO down modestly -0.21%.



XJO finished marginally below the minor horizontal support level.  Some intra-day buying was in evidence.

This remains in the balance, but the turn-down in indicators suggest we’ll see more down-side.

XXJ (Financials) remains the critical sector to watch.  Today it was down -0.41%, but that was negatively impacted by the ex-dividend day for Westpac, down -3.67%.


XXJ shows some significant intra-day buying, that’s a positive.

It broke below the 20-Day MA and then recovered.  There’s some hope there.  But the trend channel remains down and the indicators remain down.  Wait.

The other major influence on our market is Materials (XMJ):



XMJ has been a power-house in this current rally.  Today it was up +0.85%.  That’s a great result in a weak market.

It’s hard to go against the trend here, but the indicators are suggesting we’ll see some downside in the near-future.

Don’t depend on Materials to continue holding up our market.