The XJO was up +1.94%. Why? Nobody knows. Simply put: more buyers than sellers.
Here's the chart:
Last week I pointed out that the Australian market was under strong accumulation. The UpVol/(UpVol-DownVol) Ratio was above 80% twice last week. Those are highly unusual results in the Australian market and usually indicate that the Oz stock market is under a very strong accumulation phase. That is usually a sign that a strong bull rally will occur for the next couple of months or so (based on previous such events).
Today the UpVol/(UpVol-DownVol) Ratio was 79.4%, just short of the 80% criterion. Close enough in my book.
So we've had three days of strong accumulation on the Australian market. The medium term future looks bullish to me.
Forget the media. They sell bad news. Forget overseas markets. They have little correlation with the Australian market.
Watch what happens here.
The XJO is still in a medium term bearish down trend. Until we get back above the 100-Day MA (blue dashed line) its best to remain cautious. That's the bull/bear line in the sand.
I'm very optimistic given the events of the past week. I think they're a game changer.
Play it from here on how you see it. I'm optimistically bullish. That could change as events unfold.
RB
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The XJO was up +1.94%. Why? Nobody knows. Simply put: more...
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Last
8,041.3 |
Change
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