The daily dynamics for Friday night and Monday had a low of 4407 which was exceeded by about 17 and then closed back inside. Since Thursday closed below the band and I don't recall ever seeing 2 days in a row, the odds were to at least take some short profits under 4400.
Ferrera has a system where he averages NYSE advancers less decliners over a 18 day period. When it gets below -400 and you have an up close it is a buy if the market has dropped at least 14%.
Well last night got under -400 and also closed up but the market has only fallen 9%.
So it isn't a valid buy but probably worth something in the short term.
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Last
8,589.3 |
Change
-13.700(0.16%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,603.0 | 8,617.0 | 8,572.1 |
| XJO (ASX) Chart |