XJO 0.00% 7,769.4 s&p/asx 200

to market to market to fetch a fat pig

  1. 9,803 Posts.
    or something... a quick chart review... looks to me like...

    spx... despite the bullish move last night when it broke out upwards from a declining triangle, it remains simply at the top of its recent channel. Volume was not stronger on the rise, was actually a little lower and was higher on the selloff earlier in the night. The size of the rise last night wasn't spectacular. In the course of the night it retested support at the previous high, which held convincingly. Unlike the dow, the spx futs predict a lower open tonight atm. Negative divergence on the hourly spx rsi chart. Not overextended from the mean on hourly chart.

    ftse - currently breaking out of its range, volume pretty much the same as usual, rsi just overbought but no negative divergence, overextended as measure of digression from the mean, atr dropping indicating complacency which is a contrarian indicator but not much in it atm.

    xjo - not currently at the high of its recent channel tho close, negative divergence on rsi, volume data not provided, atr low and dropping but not at its recent lows, not overextended from the mean.

    In summary, the ftse looks the most bullish although being overextended implies an inevitable regression to the mean in the near future. The spx looks less bullish, with some signs (neg divergence on rsi, dip in atr) predicting a pullback but not extreme. The xjo looks similar to spx, with the negative divergence on the rsi a bit of a worry. In all they all look bullish but with an inherent weakness indicating a temporary retreat in the near future. None of the indicators really help with timing but do indicate caution.
    cheers!

 
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