XJO up modestly today +0.31%:
Upside resistance remains intact. Indicators with negative divergences suggest the next move will be down.
Today’s action wasn’t better than it seemed as a couple of big stocks went ex-dividend. ANZ’s dividend was 80c but it only fell 52c. That’s a net gain of 28c, about 1%.
MQG fell $1.65 but its dividend was $3.20. That’s a net gain of about 1.5%.
Here’s the XXJ (Financials) chart:
The XXJ was up 0.21%. That’s not a bad result given the head-wind of the ex-dividend effect of ANZ and MQG.
It bounced strongly off support and now lies squarely at dual resistance of horizontal resistance and the 50-Day MA. The next couple of days appear to be critical for this sector and our broad market index.
Adding to the negative woes today was the tanking of TLS. It gave a negative update and the market punished it. Here’s the Telecom (XTJ) chart:
That fall is largely an artefact of the fall in TLS. VOC, however, continued its up-trend, up today +1.5%. Forget TLS and concentrate on VOC.
Strength continued in the strongest sectors:
Stay with the strong sectors.
- Energy +0.9%
- Health +0.8%
- Materials +0.8%
- Industrials +0.7%
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