XJO was down early in trading and then recovered to finish flat. +0.05%.
Clearly, the XJO is struggling at the 20-Day MA.
The trend channel remains up – stay with the trend until it changes.
The Australian VIX has been down (positive for stocks) eight days in a row. That seems to be stretching the friendship just a little.
We’ve seen some semblance of a change in the relative strength in sectors.
Materials, which has been a mainstay of our market, may now be underperforming.
The lower panel shows the relative performance of Materials against the broad market.
Of course, any under-performance is counter-balanced by an out-performance in other sectors.
To see the outperforming sectors see the bottom panel in the following charts:
XUJ
XIJ:
XHJ:
XSJ:
Clearly – the sectors that are outperforming are defensive sectors.
That seems to be that it’s best to take a risk averse stance.
RB.
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Last
8,205.2 |
Change
7.000(0.09%) |
Mkt cap ! n/a |
Open | High | Low |
8,198.2 | 8,221.7 | 8,186.1 |
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