This could be the point where there is a disconnect commencing between the S&P 500 and the XAO. We were down 45 or 0.8% today while the SPY (futures) are up currently at + 0.53%.
Maybe Santa is going to be a bit short of fuel this Christmas and will be only visiting in the Northern Hemisphere.
The correlation has been positive and fairly close for a few months, but historically this is not always so.
The XJO closed at 5671 which is just above support of 5665 established late in October. It will be interesting to see if this fails to hold this week. If not there is also a weaker support level around 5642 which were 2 lows from the middle of last week.
Just below is the weekly XJO showing the 5665 support level. The lower chart is the daily XJO showing the weaker support level at 5642.
Short Term Trading Week Starting: 26 November 2018, page-11
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Last
8,539.0 |
Change
59.100(0.70%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,479.9 | 8,539.0 | 8,479.9 |
| XAO (ASX) Chart |