we don't like mondays tuesday, page-13

In Australia:

Twenty Leaders +0.4%
50 Leaders +0.4%
XJO +0.4%
Small Ordinaries –0.4%
Financials +0.5%
Materials -0.4%
Consumer Staples +0.7%

Comment: A modest up day on low volume (about 90% of the 20-Day Average). Small Ords had a poor day, and Defensives went gangbusters. Utilities +1.7% and Health +1.6%. That’s not positive for the bulls.

Technical Comment on the ASX200:
The XJO finished at 4359.4. Support resistance (in round figures): 4316/4378
Indicators:
Stochastic: 61.1. Negative.
RSI: 61.7. Positive but below the medium term up trend line.
MACD Histogram. Below zero. Negative.
MACD: Above zero. Positive. Negative divergence setting up.
CCI: +36.2. Falling below +100. Negative.

The medium term trend is up. The short term trend is down. The rising wedge has broken to the down side.

Despite the positive finish, today was a poor effort. Volume was low. Sector structure was heavily biassed to Defensives. I don’t think bulls can be heartened by this effort today. The chart appears to be forming a short term descending triangle which is bearish.

Redbacka