XJO down today -0.64%. (I expect this to flow through to overnight markets in Europe and America.)
T
he negative divergence on the CCI played out today.
The chart shows a four-day candle-stick reversal pattern. You won't find that in any books on Candle-stick patterns, but I've observed it often as a reliable pattern. Expect more downside.
Indicators are all turned down - so that confirms the short-term bearish scenario.
Info.Tech was flat today, all other sectors were negative. No clear pattern emerged in the sector results. The weakest was Property -1.7% which suggests concerns about interest rate rises. That's reasonable as interest rates were rising in overnight markets in America. Telecoms down -1% - that's another indicator of problems with interest rates. Materials down -1%, that's a function of metals prices which tend to be inverse to ........ you guessed it ....... rising U.S.$ which rises when ...... interest rates rise.
So, we're seeing a problem emerge in markets because of interest rate rises.
Banks like modest interest rate rises, so that might be the place to be.
RB.
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