XJO 1.34% 7,971.1 s&p/asx 200

xjo wednesday, page-50

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    Summary of major indices In Australia today:

    Twenty Leaders -0.4%
    50 Leaders -0.3%
    XJO -0.3%
    XAO (All Ords) -0.3%
    Small Ordinaries -0.5%
    Financials (ex Property Trusts) -0.9%
    Materials +1%
    Consumer Staples -0.1%
    Energy +0.4%
    Health +0.3%
    Telecoms +0.2%
    Consumer Discretionary -0.8%
    Utilities +0.6%

    Comment: A mixed day with the market down modestly. We used to have a bifurcated market – oversimplifying, it was Financials up, Materials down. Now – we still have a bifurcated market – but, now, its Financials down, Materials up. The big difference now is – Financials are a bigger sector than Materials – so the market is, at best, going nowhere, where previously it was going up, up, up.

    Volume was extremely high today, better than 130% of the 20-Day Average. In fact, relative volume (compared to the 20-day average) excluding Options Expiry days, was the highest since late January. I think that’s significant. If we break lower soon from the bull flag on the chart, I think we’ll be going down quite sharply.

    Technical Comment on the XJO (closed at 5165.4):

    Major horizontal Support: 5146.9. Resistance: 5249.6. 40-Day TMA is at 5060.8.

    Indicators

    RSI9: 51.3. Above its mid-line, but falling.
    MACD Histogram. Below zero. Negative.
    MACD: Marginally below zero. Neutral.
    Stochastic: 50.8. Mid-range. This can go either way.
    CCI.14: -39.5. Negative.

    The chart remains in a bull flag configuration. They usually break to the upside.

    CBA:



    The Big Bank is now in a short term down trend, but the long term up trend is not being threatened, as yet.

    BHP:



    The Big Miner is in a strong short term up trend. Indicators are beginning to weaken, and in overbought positions. This could be getting ready for a consolidation or a short term pull back.

    Watch the market reaction to The Big Bernank tonight.



    Redbacka
 
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